Refer to QS and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
In QS, Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Mar. 5 Purchased 1,000 units of product at a cost of $12 per unit. Terms of the sale are 2/10, n/60; the invoice is dated March 5.
Mar. 7 Returned 50 defective units from the March 5 purchase and received full credit.
Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.