For each transaction, record the necessary journal entries assuming the company uses the perpetual inventory system.

On February $1,$ the company pays $$8,400$ cash for merchandise inventory.

On February $2,$ the company sells $$6,100$ of merchandise inventory on account. The cost of the merchandise inventory was $$3,000.$

On February $6,$ the company purchases merchandise inventory on account for $$7,800.$

On February $7,$ the company sells merchandise inventory for $$2,900$ cash. The cost of the merchandise inventory was $$1,300.$

On February $19,$ the company receives $$6,100$ in full payment of the merchandise inventory sold on $\frac{2}{2}.$

On February $24,$ the company remits full payment of $$7,800$ for the merchandise inventory purchased on $2/6.$

Notes:

Enter the transaction date on the first line only $($if multiple transactions are required, enter the date on the first line of each transaction$).$

Enter all debits within the transaction prior to entering any credits.

To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit

is given for a correct account name with the correct amount.

Do not include journal entry explanation when submitting your answer.

It may not be necessary to use all visible rows to record each journal entry.

Record journal entries in the order in which the transactions are presented.

Open Directions in Popup Window $$

Send Email with Screen Capture