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#4-25 points The following transactions occurred at Slinky Inc., a retail toy store, which uses a perpetual inventory system: July 1 Slinky established a petty
#4-25 points The following transactions occurred at Slinky Inc., a retail toy store, which uses a perpetual inventory system: July 1 Slinky established a petty cash fund for $500. July 3 Slinky purchased 100 units of inventory from a supplier on credit. The July 4 $2500 hip merchandise cost $25 each and the credit terms were 4/10, n/30. The shipping 2400 subtrop costs, paid separately in cash to the shipping company by Slinky, were $500 under the terms FOB Shipping. Slinky received the inventory on July 3rd. Slinky returned 10 units of inventory from the July 3rd transaction to the supplier. No shipping costs were incurred with the return. 4% - 100 July 6 July 7 July 8 July 17 July 30 Slinky sold 30 of the units purchased on July 3rd for $45 each to customers for $1356 cash. $45. Slinky accepted a return of 1 unit of inventory from a July 6th customer for a cash refund. Slinky paid the supplier for the inventory purchased on July 3rd less the returns made on July 4th. Slinky used $150 out of petty cash to pay for a business lunch (meeting expense), along with an additional $25 for parking (parking expense). Slinky purchased 100 more units of inventory from a different supplier on credit. The merchandise cost $30 each and no credit terms were granted. The shipping costs were $600 under the terms FOB destination and Slinky received the inventory on August 5th. July 31 Slinky replenished petty cash. 25 Using the space provided below and on the next page, record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journa entries that relate to July business. If no journal entry is needed, write the transaction date and JOURNAL ENTRIES "NO ENTRY
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