Journalizing purchase and sale transactions perpetual inventory [20-25 min]
Trisha’s Amusements completed the following transactions during January 2012:
Jan 1 | Purchased supplies for cash, $740. |
4 | Purchased inventory on credit terms of 3/10, n/eom, $9,400. |
8 | Returned half the inventory purchased on January 4. It was not the inventory ordered. |
10 | Sold goods for cash, $1,700 (cost, $1,200). |
13 | Sold inventory on credit terms of 2/15, n/45, $9,300 (cost, $4,700). |
14 | Paid the amount owed on account from January 4, less the return (January 8) and the discount. |
17 | Received defective inventory as a sales return from the January 13 sale, $700. Trisha’s cost of the inventory received was $550. |
18 | Purchased inventory of $3,300 on account. Payment terms were 2/10, net 30. |
26 | Paid the net amount owed for the January 18 purchase. |
28 | Received cash in full settlement of the account from the customer who purchased inventory on January 13, less the return and the discount. |
29 | Purchased inventory for cash, $13,000, plus freight charges of $200. |
Requirement
1. Journalize the transactions on the books of Trisha’s Amusements.
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