Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with
Question:
Sept. 2Recorded $9,000 of cash sales (cost of sales $6,200).
3 Purchased $11,000 of merchandise inventory for cash.
7 Purchased $6,500 of merchandise; terms 1 /10, n/45.
8 Sold merchandise costing $ 13,200 for $ 16,200 terms 2/10, n/30
17 Paid for the merchandise purchased on September 7.
18 Collected the amount owing from the customer of September 8.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted: