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Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction May 1 Made cash sales
Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:
Date | Transaction |
---|---|
May 1 | Made cash sales of $6,300; the cost of the inventory was $3,700. |
5 | Purchased $2,000 of inventory on credit. |
9 | Made credit sales of $3,300; the cost of the inventory sold was $1,900. |
13 | Paid sales salaries of $900 and office salaries of $600. |
14 | Paid for the May 5 purchases. |
18 | Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. |
21 | Purchased $600 of inventory for cash. |
27 | Sold land that had originally cost $1,900 for $2,600. |
Required:
Record the preceding transactions in a general journal. |
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