In its beginning inventory on January 1, 1990, J Company had 30 units of merchandise which had
Question:
In its beginning inventory on January 1, 1990, J Company had 30 units of merchandise which had cost \(\$ 3\) per unit. Prepare general journal entries for J Company to record the following transactions during 1990, assuming a perpetual inventory system and a first-in, first-out cost flow.
Mar. 12 Purchased on credit 120 units of merchandise at \(\$ 5.25\) per unit.
15 Returned 20 defective units from the March 12 purchase to the supplier.
Sept. 22 Purchased for cash 70 units of merchandise at \(\$ 3.50\) per unit.
Oct. 15 Sold 85 units of merchandise for cash at a price of \(\$ 5.50\) per unit.
Dec. 31 Prepare entries to close the revenue and expense accounts to Income Summary.
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