Prepare a tabular summary to record the following transactions on Berry Companys books using a perpetual inventory system. a. On September 3, Raven Company sold $700,000 of merchandise to Berry Company on account, terms 2/10, n/30. The cost of the merchandise sold was $430,000. b. On September 6, Berry Company returned $90,000 of the merchandise purchased on March 2. The
Chapter 6, Brief Exercises #2
Prepare a tabular summary to record the following transactions on Berry Company’s books using a perpetual inventory system.
a. On September 3, Raven Company sold $700,000 of merchandise to Berry Company on account, terms 2/10, n/30. The cost of the merchandise sold was $430,000.
b. On September 6, Berry Company returned $90,000 of the merchandise purchased on March 2. The seller’s cost of the merchandise returned was $60,000.
c. On September 13, Berry Company paid the balance due to Raven Company.
Record perpetual inventory purchase and sale.
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