Prepare journal entries to record each of the following transactions. Assume a perpetual inventory system and use
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Prepare journal entries to record each of the following transactions.
Assume a perpetual inventory system and use of the gross method.
Beginning inventory equals $9,000.
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June 1 7 Sold 50 units of merchandise to a customer for $150 per unit under credit terms of 2/10, n/30, FOB shipping point, and the invoice is dated June 1. The 50 units of merchandise had cost $100 per unit. The customer returns 2 units purchased on June 1 because those units did not fit its needs. The seller restores those
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