Sold 34 suitcases on account to Bon Voyage for $50 each.

18 Purchased 60 suitcases on account for $30 (including freight) each from Pak-N-Go Manufacturers, terms 1/10, n/30.

20 Received $300 credit for 10 suitcases returned to Pak-N-Go Manufacturers. 21. Received payment in full from Bon Voyage.

22 Sold 48 suitcases on account to Run Around for $52 each.

30 Paid Pak-N-Go Manufacturers in full.

31 Granted Run Around $260 credit for 5 suitcases returned costing $150.

Instructions , Journalize the transactions for the month of July for Good to Go Warehouse, using a perpetual inventory system. Assume the cost of each suitcase sold was $30.

Problems: Set B 255 Journalize, post, prepare partial income statement, and calculate ratios.

(SO 2,3) 4,6)

Ca===e

(c) Gross profit $5,100 Journalize purchase and sale transactions under a perpetual inventory system.

(SOs)

256 CHAPTER 5 Merchandising Operations and the Multiple-Step Income Statement Journalize, post, and prepare