Jay's Jewelry Store entered into the transaction listed below. The company uses the perpetual inventory system.

July 6 Purchased $1,800 of merchandise on credit, terms 3/15.

July 8 Returned $300 of the items purchased on July 6.

July 9 Paid freight charges on $90 on the items purchased July 6.

July 19 Sold merchandise on credit for $3,400 terms 2/10. The merchandise had a cost in inventory of $600.

July 20 Of the merchandise sold on July 19, $200 of it was returned. The items had cost the store $30.

July 21 Received payment in full from the customer of July 19

July 21 Paid for the merchandise purchased on July 6

Required: 

1) Record journal entries- transactions for Jay's Jewelry Store.

 2) Show Journal entries on the Periodic System

Answer rating: 100% (QA)

1 Journal Entries Perpetual System Date Account Debit Credit July 6 Merchandise Inventory 1800 Accou... View the full answer