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CP 5-3 Boucher Corporation uses the perpetual inventory system. Its transactions during June 2015 are as follows: June 1 Boucher purchased $1,200 of merchandise inventory
CP 5-3 Boucher Corporation uses the perpetual inventory system. Its transactions during June 2015 are as follows: June 1 Boucher purchased $1,200 of merchandise inventory from a supplier for terms 1/10, n 60. 3 Boucher sold all of the inventory purchased on June 1 for $1,500 on credit to Wright Inc. for terms 2/10, net 30. 8 Wright returned $800 of defective merchandise purchased June 3 (cost to Boucher: $600). 13 Boucher received payment from Wright Inc. for the balance owed. gover Required: Prepare journal entries to record the above transactions. Include general ledger account numbers and brief descriptions
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