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Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December: (Please use the gross method of recording
Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December: (Please use the gross method of recording Accounts Receivable) Dec1Sold merchandise on credit for $5,000, terms 2/15, n/30. The items sold had a cost of $3,750 3Purchased merchandise for cash, $930 4Purchased merchandise on credit for $2,600, term 1/20, n/30 5 Issued a credit memorandum for $450 to a customer who returned merchandise purchased November 29. The returned items had a cost of $380 11Received payment for merchandise sold December 1 15Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $880 18Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) 23 Paid for the merchandise purchased December 4 less the portion that was returned 24Sold merchandise on credit for $8,000, terms 1.5/10, n/30. The items had a cost of S6,200 31 Received payment for merchandise sold on December 24 Required: Prepare the general journal entries to record these transactions. No descriptions necessary
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