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Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. Answers may vary. DEC.1 Ceres SOLD merchandise to ABC, Inc.
Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. Answers may vary. DEC.1 Ceres SOLD merchandise to ABC, Inc. on cedit for $7,000, terms 2/10, n/30. The items sold had a cost of $2,500. DEC.6 Ceres PURCHASED merchandise from Jones, Inc. on credit for $2,000, terms 1/10, n/30. DEC.7 ABC, Inc. returned $700 of goods purchased on Dec.1 (original cost of the goods to ABC is$250). DEC.11 ABC, Inc. pays amount owed from purchase on Dec.1 (within discount period). DEC.12 Ceres receives an allowance of $200 for goods purchased on Dec.6. DEC.14 Ceres pays for goods purchased on Dec.6 (within discount period). Prepare the General Journal entries to record these transactions
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