Zen World Gift Shop uses a perpetual inventory system. Journalize the following transactions for Zen World...
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Zen World Gift Shop uses a perpetual inventory system. Journalize the following transactions for Zen World Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) More info Feb. 3 Feb. 7 Feb. 9 Feb. 10 Purchased $3,700 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point from Sally's Market. Returned $300 of defective merchandise purchased on February 3. Paid freight bill of $500 on February 3 purchase. Sold merchandise inventory on account for $4,600 to Top Mindfulness. Payment terms were 2/15, n/30. These goods cost the company $2,300. Paid amount owed on credit purchase of February 3, less the return and the discount. Received cash from Top Mindfulness in full settlement of their debt. Feb. 12 Feb. 28 - Zen World Gift Shop uses a perpetual inventory system. Journalize the following transactions for Zen World Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) More info Feb. 3 Feb. 7 Feb. 9 Feb. 10 Purchased $3,700 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point from Sally's Market. Returned $300 of defective merchandise purchased on February 3. Paid freight bill of $500 on February 3 purchase. Sold merchandise inventory on account for $4,600 to Top Mindfulness. Payment terms were 2/15, n/30. These goods cost the company $2,300. Paid amount owed on credit purchase of February 3, less the return and the discount. Received cash from Top Mindfulness in full settlement of their debt. Feb. 12 Feb. 28 -
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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