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Accounting journal entries For each of these transactions, prepare journal entries in proper form. Assume that the organization uses the perpetual inventory system. Show your
Accounting journal entries
For each of these transactions, prepare journal entries in proper form. Assume that the organization uses the perpetual inventory system. Show your numbers with commas. For example, 1,000. Not $1,000 or 1,000.00 or it will be marked wrong. a. On September 1st, a business purchased $3,000 of merchandise on account. The terms are 1/10, n/30. Date Description Debit Credit Sep 1 b. On September 3rd, they returned $500 of the above merchandise. Date Description Debit Credit Sep 3 c. On September 7th, they recorded $10,000 cash sales for the week. The cost of the merchandise was $4,500. Date Description Debit Credit Sep 7 d. On September 8th, a sale on account was made for $800. The terms were 2/10, net 30. The cost of the merchandise sold was $200. Date Description Debit Credit Sep 8 e. On September 10th, the company paid for the September 1st purchase, less the return Date Description Debit Credit Sep 10 f. On September 20th, received payment from the September 8th sale. Date Description Debit Credit Sep 20Step by Step Solution
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