Journalizing purchase and sale transactions perpetual inventory [20-25 min]
Consider the following transactions that occurred in February 2012 for Gems, Inc.
Feb 3 | Purchased inventory on terms 1/5, n/eom, $2,000. |
4 | Purchased inventory for cash of $1,600. |
6 | Returned $600 of inventory from February 4 purchase. |
8 | Sold goods on terms of 2/15, n/35 of $7,000 that cost $3,500. |
10 | Paid for goods purchased on February 3. |
12 | Received goods from February 8 sale of $500 that cost $190. |
23 | Received payment from February 8 customer. |
25 | Sold goods to Farms for $900 that cost $350. Terms of n/30 were offered. As a courtesy to Farms, $75 of freight was added to the invoice for which cash was paid directly to UPS by Gems, Inc. |
29 | Received payment from Farms. |
Requirement
1. Journalize February transactions for Gems, Inc. No explanations are required.
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