Prepare journal entries to record each of the following transactions. The company records purchases using the gross
Question:
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.
May 1. Purchased merchandise with a price of $800 and credit terms of n∕30.
7. Returned merchandise that had a price of $100.
31. Paid the amount due from the May 1 purchase, minus the May 7 return.
Step by Step Answer:
Date General Journal Debit Credit May 01 Inventory 800 Accounts payabl...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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