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Sandy's Supply Store, Inc._Journal entries_perpetual inventory system




Question;Sandy's Supply Store, Inc., entered into the transactions listed below. In the journal provided, prepare Sandy's entries, assuming use of the perpetual inventory system. Omit explanations.Mar. 2 Purchased $900 of merchandise on credit, terms n/30.6 Returned $150 of the items purchased on March 2.8 Paid freight charges of $50 on the items purchased March 2.16 Sold merchandise on credit for $1,200, terms n/15. The merchandise had a cost in inventory of $750.17 Of the merchandise sold on March 16, $100 of it was returned. The items had cost Sandy's $30.25 Received payment in full from the customer of March 16.31 Paid for the merchandise purchased on March 2.


Paper#38261 | Written in 18-Jul-2015

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