Following are selected transactions of Gamble Company: 1. Purchased 100 units of merchandise at ($ 240) each;
Question:
Following are selected transactions of Gamble Company:
1. Purchased 100 units of merchandise at \(\$ 240\) each; terms \(2 / 10, n / 30\).
2. Paid the invoice in transaction 1 within the discount period.
3. Sold 80 units at \(\$ 384\) each for cash.
4. Purchased 100 units at \(\$ 360\); terms \(2 / 10, n / 30\).
5. Paid the invoice in transaction 4 within the discount period.
6. Sold 60 units at \(\$ 552\) each for cash.
Prepare journal entries for the six preceding items. Assume Gamble uses FIFO perpetual inventory procedure.
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Related Book For
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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