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DO IT IN EXCEL WITH PROPER FORMULA IF NECESSARY The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold
DO IT IN EXCEL WITH PROPER FORMULA IF NECESSARY
The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $550 sales price in cash. The goods cost Bear's $330. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,300 (total); terms 3/10,n/30. The goods cost Bear's $2,650. 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,300 (total); terms 3/10,n/30. The goods cost Bear's $4,300. 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition, and credit was given to the customer. Dec. 6 Nancy's Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Step by Step Solution
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