Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. The supplier paid $200...

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Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. The supplier paid $200 freight and sent Wellgrow an invoice for the merchandise of $5,000 plus the freight charge of $200. Wellgrow uses the perpetual inventory system. On February 23, Wellgrow returned $700 of the merchandise. On February 26, Wellgrow paid the amount owing. On February 28, Wellgrow sold merchandise to AAA Company for $3,000. Wellgrow's cost was $2,200 Required: Journalize the above transactions. (7 marks) Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. The supplier paid $200 freight and sent Wellgrow an invoice for the merchandise of $5,000 plus the freight charge of $200. Wellgrow uses the perpetual inventory system. On February 23, Wellgrow returned $700 of the merchandise. On February 26, Wellgrow paid the amount owing. On February 28, Wellgrow sold merchandise to AAA Company for $3,000. Wellgrow's cost was $2,200 Required: Journalize the above transactions. (7 marks)

Answer rating: 100% (QA)

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