Record in journal form each of the following transactions, assuming the perpetual inventory system is used: SE-3
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Record in journal form each of the following transactions, assuming the perpetual inventory system is used: SE-3
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Aug. 2 3 Purchased merchandise on credit from Foxx Company, invoice dated August 1, terms n/10, FOB shipping point, $2,300. Received bill from Main Shipping Company for transportation costs on August 2 shipment, invoice dated August 1, terms n/30, $210. 7 Returned damaged merchandise received from Foxx Company on August 2 for credit, $360. 10 Paid in full the amount due to Foxx Company for the purchase of August 2, part of which was returned on August 7.
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