Jane Distributing Company uses the perpetual inventory system. Jane had the following transactions related to merchandise during
Question:
Jane Distributing Company uses the perpetual inventory system. Jane had the following transactions related to merchandise during the month of August:
Aug.
10 Purchased on account merchandise for resale for \(\$ 9,000\); terms were \(2 / 10, n / 30\).
12 Paid \(\$ 450\) cash for freight on the August 10 purchase.
16 Returned merchandise costing \(\$ 800\) (part of the \(\$ 9,000\) purchase).
19 Paid for merchandise purchased on August 10.
22 Sold merchandise on account costing \(\$ 8,500\) for \(\$ 11,000\); terms were \(2 / 10, \mathrm{n} / 30\).
25 Customer returned merchandise costing \(\$ 750\) that had been sold on account for \(\$ 900\) (part of the \(\$ 11,000\) sale).
31 Received payment from customer for merchandise sold on August 22.
Required
Record each of the transactions related to purchasing and selling merchandise for the Jane Distributing Company.
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