ASSIGNMENT 4 - CHAPTERS 5&6 Section 001 60 marks DUE: November 30, 2020 11:30 a.m. (40 marks) QUESTION 1 Keokea Merchandising had the following transactions in September Prepare journal entries for these transactions assuming Keokea uses a perpetual inventory system mit Explanations Sept 2 Keokea received an $26.000 invoice from one of its suppliers Terms were 3/10 n/30, FOB destination. The freight bill amounting to $1.200 was paid Keokea retumed $2,750 of the merchandise billed on Oct 2 because it was defective. 4 5 Keokea sold $9,500 of merchandise on account, terms 2:15 0. The cost of the merchandise sold was $6.800 15 Keokea paid the invoice dated Oct 2. 15 A customer returned $3,800 of merchandise sold on Das. The cost of the returned merchandise was $2.720. 19 Keokea received payment on the remaining amount due from the sale of Oct. 5. 30 Inventory was counted and it was determined that the records show that the inventory in the records is higher than the actual inventory counted by $1.850. The records should be adjusted. General Journal Date Accounts Debit Credit