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can you please answer this accounting question i) Record the Furnishings RUstransactionsin its general journalassuming that the business uses a perpetual inventory system. June 3
can you please answer this accounting question
i) Record the Furnishings "R"Ustransactionsin its general journalassuming that the business uses a perpetual inventory system. June 3 Purchased $40,000 of merchandise on account terms 2/10,n/30, FOBdestination. June 1 Paid $500 for the delivery of the goods purchased June 5 Returned merchandise purchased on June3 for credit $3.000 June 7 Sold merchandise on credit for $25,000 (cost $15,000), terms 3/10,n/30, FOBshipping point June 8 Paid $300 for shipping charges on merchandise sold on June. June 9 Return of merchandise sold on June 7 acceptedfor full credit and returned to merchandise inventory, $5,000 (cost $3.000) + June 10 Paid $300 for shipping charges on merchandise returned by customer on June 9. June 13 Made the payment in full for the merchandise purchased on June 3, less the return on June 5 and the purchase discount June 17 Received payment in fullfromthecustomer for sale of merchandise on June 7, less the return and the sales discount ii) Calculate the net sales, gross profit and gross profit percentage Net Sales Gross Profit Gross Prolit Margin iii) Journalize the Furnishings "R"Us transactions on June 3, June 4, June Sand June 13 this time assuming that Furnishings "R"Ususes a periodic inventory system. June 3 Purchased $40,000 of merchandise on account, terms 2/10,n/30, FOB destination. June 1 Paid $500 for the delivery of the goods purchased June 5 Returned merchandise purchased on June3 for credit $3,000 June 13 Made the payment in full for the merchandise purchased on June 3, less the return on June 5 and the purchase discount ActivateStep by Step Solution
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