The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April...
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The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April 2 Purchased merchandise from Rough Co. for $5,600 under credit terms of 1/15, n/30, FOB factory. 3 Paid $285 for shipping charges on the April 2nd purchase. 5 Sold merchandise to Fit Co. for $3,900 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,400. 6 Received a $800 credit memorandum acknowledging the return of merchandise purchased on April 2. 7 Fit Co. requested a price reduction on the April 5 sale because the merchandise did not meet specifications. Sent Fit Co. a credit memorandum for $700 to resolve the issue. 8 Received Fit Co.'s payment of the amount due from the April 5 sale. 13 Paid the balance due to Rough Co. 18 Sold merchandise to Raptor Co. for $9,500. Raptor paid immediately. The merchandise cost $5,550. 20 Paid $389 April telephone bill. Instructions: Record the above transactions in the General Journal data entry form provided in the Learn The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April 2 Purchased merchandise from Rough Co. for $5,600 under credit terms of 1/15, n/30, FOB factory. 3 Paid $285 for shipping charges on the April 2nd purchase. 5 Sold merchandise to Fit Co. for $3,900 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,400. 6 Received a $800 credit memorandum acknowledging the return of merchandise purchased on April 2. 7 Fit Co. requested a price reduction on the April 5 sale because the merchandise did not meet specifications. Sent Fit Co. a credit memorandum for $700 to resolve the issue. 8 Received Fit Co.'s payment of the amount due from the April 5 sale. 13 Paid the balance due to Rough Co. 18 Sold merchandise to Raptor Co. for $9,500. Raptor paid immediately. The merchandise cost $5,550. 20 Paid $389 April telephone bill. Instructions: Record the above transactions in the General Journal data entry form provided in the Learn
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Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Posted Date:
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