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(2 points each total of 12 points) Record the following transactions for Gadget World using the general journal form provided below. Assume Gadget World uses
(2 points each total of 12 points) Record the following transactions for Gadget World using the general journal form provided below. Assume Gadget World uses a perpetual inventory system. Omit descriptions from entries: transaction June 1 Purchased $6,000 of merchandise on account from Smith Company, terms 3/10, n/30. 3 Returned $2,000 of merchandise purchased on June 1. 7 Recorded cash sales for the first week of June, $9,750; cost of the merchandise was 10 Sold merchandise on account to a Sam Co. for $500, terms 1/10 net 30; cost of the 11 Paid for the merchandise purchased on June 1, less return dated June 3 $4,000. merchandise was $200 Received payment from sale of June 10 20 Credit Date Description Debit
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