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B A total assets? Recording transactions using the perpetual inventory system. The following transactions took place at Grow-Right Garden Center during June 20X1. Grow-Right
B A total assets? Recording transactions using the perpetual inventory system. The following transactions took place at Grow-Right Garden Center during June 20X1. Grow-Right Garden Center uses a perpetual inventory system. Grow-Right Garden Center operates in a state with no sales tax. Record the transactions in a general journal. Use 10 as the page number for the general journal. DATE 20X1 June TRANSACTIONS 1 Purchased lawn mowers for $6,080 plus a freight charge of $320 from Mow Down Corporation, Invoice 201, dated June 1; the terms are 2/10, n/30. 5 Sold garden tools and supplies on account to Art Garcia, terms 1/10, n/30; issued Sales Slip 888 for $1,500. The cost of the merchandise sold was $750. 7 9 10 15 15 15 17 26 Received Credit Memorandum 310 for $550 from Mow Down Corporation for defective lawn mowers returned; the goods were purchased on Invoice 201 dated June 1. Accepted a return of various garden tools and supplies from Art Garcia; the items were originally sold on Sales Slip 888 of June 5. Issued Credit Memorandum 89 for $200. The cost of the returned items was $100. Issued Check 1555 to pay the amount due to Mow Down Corporation for Invoice 201, dated June 1, less the return of June 7 and less the cash discount. Received payment from Art Garcia for the sale of June 5, less the return of June 9 and less the cash discount. Recorded sales on credit cards for the two-week period ended June 15, $16,000; the bank charges a 2 percent fee on all credit card sales. The cost of merchandise sold was $7,950. Purchased merchandise on account from Patio Dudes for $8,000, subject to trade discounts of 30 percent and 5 percent, terms 1/10, n/30, Invoice 2178. Paid amount owed to Patio Dudes for the purchase of June 17, Check 1598. Analyze: Assume 20 lawn mowers were purchased from Mow Down Corporation on June 1. What was the average cost per lawn mower purchased on June 1? (Hint: Include the freight charges as part of the cost of the lawn mowers.)
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