The Antrim Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit
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The Antrim Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30.
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201X 5 Purchased merchandise on account totaling $2,000; terms n/30. 6 Sold merchandise on account to Tommy Donaghey for $70. This merchandise cost $52. July 8 Returned $150 of defective merchandise purchased July 5. 9 Sold $140 of merchandise for cash. This merchandise cost $93. 9 Allowed a return for credit of $9 of merchandise sold on July 6. The cost of the returned merchandise was $8. (Hint: Don't forget to return the cost of the merchandise to the Merchandise Inventory account.) 10 Purchased $1,000 of merchandise on account from RJ Supply; terms n/30. 12 Received payment from Tommy Donaghey for the July 6 sale less the return. 13 Sold $360 of merchandise for cash. The cost was $350.
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GENERAL JOURNAL PAGE 3 Date 201X Account Titles and Description PR Dr Cr Ju...View the full answer
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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