15A-3

566 CHAPTER 15 Accounting for Merchandise Inventory MyAccountingLab Exercises Set A (20 min) L01 15A-1. The Mark Electric Company uses the perpetual inventory system. Rec these transactions in a two-column journal. Feb. 3 Purchased 50 model 77DX light fixtures on account from Solar Electric at 5 Sold 10 model U67 light fixtures for cash for $280 total. The cost 201X cost of $2,000; terms n/30. fixtures amounted to $180. Our customer returned 2 model U67 light fixtures. We gave the cus customer a $56 6 cash refund. 10 We issued a debit memo for $80 to Solar Electric for 2 model 77DX fixtures that came in damaged in the shipment of February 3 (20 min) L01,2 15A-2. The RJM Company uses the perpetual inventory system with a ledger for inventory. Enter the following information in the inventoa balance for product U47. Be sure to keep the balance on hand up-to-date. 201x Nov. Purchased on account 13 units at a cost of $10 each. (Inventory on h 5 prior to this purchase was zero units.) Sold 7 units for $15.70 each. (Hint: The inventory record only contains information about the cost of a product, not the selling price!) This is a cash sale Sold 1 unit for $15.70 each. This is a cash sale. Purchased on account 12 additional units at a cost of $10 each. 6 7 10 20 min) L01,2 15A-3. Journalize and post the preceding transactions (for Exercise 15A-2) using a two-column journal and T accounts