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Following are the merchandising transactors for Chilton Systems On Novomber 1, Chilton Systems purchases merchandise for $2,000 on credit with terms of 2/5, n/30, FOB
Following are the merchandising transactors for Chilton Systems On Novomber 1, Chilton Systems purchases merchandise for $2,000 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated Novembor 1. On November 5. Chilton Systems pays cash for the November 1 purchase On November 7. Chilton Systems discovers and returns $145 of defective merchandise purchased on November 1 for a cash refund On Novomber 10. Chilton Systems pays $100 cash for transportation costs with the November 1 purchase. On November 13. Chilton Systems sets merchandise for $2,160 on credit. The cost of the merchandise is $1,080 On November 16. the customer returns merchandise from the November 13 transaction The returned items are pneed at $260 and cost $130; the items wero not damaged and were returned to inventory Journalize the above merchandise transactions for Chilton Systems assuming it uses a perpetual inventory system
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