WalMart uses a perpetual inventory system. The following activities occurred during February. For each transaction prepare...

 

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WalMart uses a perpetual inventory system. The following activities occurred during February. For each transaction prepare a journal entry and ensure the basic accounting equation remains in balance. Ref (a) On February 2, WalMart purchased $50,000 worth of inventory, on credit terms 3/10 n/30. Assets Date Account Feb. 21 Assets (b) On February 5, WalMart returns $10,000 of defective inventory to the vendor. (c) On February 10, WalMart paid for the inventory, taking advantage of all available discounts. "(d) What if instead Walmart doesn't pay for the inventory until March 1. Date Account Mar. 1 Assets Liabilities Liabilities Liabilities Debit Credit Debit Credit Date Account Debit Credit Feb. 2 Assets Date Account Mar. 1 Liabilities Debit Credit Equity Equity Equity Equity WalMart uses a perpetual inventory system. The following activities occurred during February. For each transaction prepare a journal entry and ensure the basic accounting equation remains in balance. Ref (a) On February 2, WalMart purchased $50,000 worth of inventory, on credit terms 3/10 n/30. Assets Date Account Feb. 21 Assets (b) On February 5, WalMart returns $10,000 of defective inventory to the vendor. (c) On February 10, WalMart paid for the inventory, taking advantage of all available discounts. "(d) What if instead Walmart doesn't pay for the inventory until March 1. Date Account Mar. 1 Assets Liabilities Liabilities Liabilities Debit Credit Debit Credit Date Account Debit Credit Feb. 2 Assets Date Account Mar. 1 Liabilities Debit Credit Equity Equity Equity Equity