Following are selected transactions of Gamble Company: 1. Purchased 100 units of merchandise at ($ 240) each;

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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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Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

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