The following transaction occurred during the month of August for Sam's Shop. Prepare journal entries for...

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The following transaction occurred during the month of August for Sam's Shop. Prepare journal entries for each transaction using the perpetual inventory method. Aug 2 Aug 3 Aug 10 Aug 11 Aug 12 Aug 15 Aug 20 Aug 22 Aug 25 Aug 30 Date Aug 2 Aug 3 Aug 10 Aug 11 Purchased 500 units of product for $15 each with terms of 2/15, n30 FOB Shipping point Paid $80 for shipping Sold 250 units of product to A. Customer for $45 each with terms 3/10, N45 FOB Destination. We paid shipping charge for Aug 10 Sale of $80 in cash A. Customer called to report the wrong product was shipped. A. Customer has decided to keep the merchandise and we will give them a credit of $350 for the error. We paid for the purchase on Aug 2. Purchased units of another product for $10 each with terms of 1/10, n30 FOB Destination Determined that 100 units were damaged in shipment and unusable. We return the items to vendor. Received a check from A. Customer for amount owed less allowance and discount on Aug 10 sale. We paid for the purchase made on August 20 Q Search Description Debit Credit 19. ( The following transaction occurred during the month of August for Sam's Shop. Prepare journal entries for each transaction using the perpetual inventory method. Aug 2 Aug 3 Aug 10 Aug 11 Aug 12 Aug 15 Aug 20 Aug 22 Aug 25 Aug 30 Date Aug 2 Aug 3 Aug 10 Aug 11 Purchased 500 units of product for $15 each with terms of 2/15, n30 FOB Shipping point Paid $80 for shipping Sold 250 units of product to A. Customer for $45 each with terms 3/10, N45 FOB Destination. We paid shipping charge for Aug 10 Sale of $80 in cash A. Customer called to report the wrong product was shipped. A. Customer has decided to keep the merchandise and we will give them a credit of $350 for the error. We paid for the purchase on Aug 2. Purchased units of another product for $10 each with terms of 1/10, n30 FOB Destination Determined that 100 units were damaged in shipment and unusable. We return the items to vendor. Received a check from A. Customer for amount owed less allowance and discount on Aug 10 sale. We paid for the purchase made on August 20 Q Search Description Debit Credit 19. (

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Date 2Aug Purchases 10Aug 3Aug freight Charges Cash 1... View the full answer