Using the information in E6-13, prepare journal entries to record the transactions, assuming
Bear's Retail Store uses a perpetual inventory system.
Information From E6-13
Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear's $300.
25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500.
28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bear's $4,000.
29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition, and credit was given to the customer.
Dec. 6 Nancy's Gym paid the account balance in full.
30 Vasko Athletics paid in full for the invoice of November 25, 2013.