Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. Prepare journals entries for the following assuming that Mygoodoh Inc, uses a perpetual inventory method and records purchases at their net amounts. (10 points)
3. Prepare journals entries for the following assuming that Mygoodoh Inc, uses a perpetual inventory method and records purchases at their net amounts. (10 points) March 31 Mygoodoh company has $6,500 as it ending inventory this amount is reported at net of cost. (hints no journal entry is necessary) April 1 Purchased merchandise from Lasten Company for $44,600 with the terms of 3/10, n/30. April 2 Returned $6,200 of the merchandise to the Lasten Company. April 4 Purchased merchandise from the Clayham Company for $21,200 with the terms of 4/10,n/30. April 6 Paid the amount owed to the Lasten Company April 12 Sold all of the merchandise on hand (for cash) for a sales price of $75,400, April 13 Returned $8,800 of the merchandise purchased from the Clayham Company April 16 Paid the amount owed to Clayham Company in full
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started