Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods to Ellis for $900 cash. Use a tabular summary to record the transactions for Rita Company using a perpetual inventory system
Answer.
In books of Rita company
Journal entries
Date. Particular. Debit. Credit
Merchandise inventory. $ 900
To
Accounts payable. $900
( To record purchase of inventory)
In books of Linus
Accounts receivable. $ 900
To
Sales revenue. $900
Cost of goods sold. $590
To
Merchandise inventory. $590
( To record cost of goods sold)
Thank you
Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods...
Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods to Ellis for $900 cash. Use a tabular summary to record the transactions for Rita Company using a perpetual inventory system
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