These are merchandise inventory transactions that took place in the month of May in the operations of
Question:
These are merchandise inventory transactions that took place in the month of May in the operations of Enterprise Office Supplies company use a perpetual inventory system and they record all purchase/sales discounts for early payment at the time of payment. Ignoring any sales/excise taxes, make journal entries for these transactions.
May1. Sold inventory costing $2,507 to Get Corp on credit for $5,280. Terms 5/10 net 30.
May 6. 831 of the merchandise sold on Jul 1 to Venture Corp was returned for credit on account.
May9. Purchased inventory costing $6,994 from Get-On Inc. on credit. Terms 5/10 net 30.
May.10 enterprise office supplies discoverd that 984$ worth of merchandise is defective and returned it to get-on-inc for the full amount
May 14 venture corp pair their account for 1,169$
May31. At end of may, the merchandise inventory account had a balance of $88,337. Counting was done physical adding up to $86,693
Expert Answer:
Perpetual inventory system is that inventory system under which all purchases and sales rela... View the full answer
