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Hello Experts! I need assistance with this problem from accounting, haven't been able to solve it and have a lot of questions, this is a
Hello Experts! I need assistance with this problem from accounting, haven't been able to solve it and have a lot of questions, this is a multipart question with 2 parts(a and b).
Journalize purchase and sales transactions under a perpetual and periodic inventory system At the beginning of the current season on June 1, the ledger of Mantra Pro Shop showed Cash $3,000; Inventory $4,000; and Owner's Capital $7,000. These transactions ocurred during June 2019. June 1Purchased golf bags on account from Zulemma Co. $2,500, FOB shipping point, term 2/10,n/60. 9 Paid freight on Zulemma Co. purchases $75. 11 Received credit from Zulemma Co. for merchandise returned $1,100. 13 Sold merchandise on account to members $800, terms n/30. The cost of the merchandise sold was $650 15 Purchased golf shoes, polos, and other accessories on account from Lastre Sportswear $1,000, terms 1/10,n/30. 16 Paid Zulemma Co in full. 20 Received credit from Lastre Sportswear for merchandise returned $150 22 Made sales on account to members $900, terms n/30. The cost of the merchandise sold was $450. 24 Paid Lastre Sportswear in full 25 Granted credit to members for clothing that had flaws $50. 29 Received payment on account from members $900. Instructions (a) Journalize the transactions for the month of June for Mantra Pro Shop using a periodic inventory system. Value 59 pts. (b) Journalize the transactions for the month of June for Mantra Pro Shop, using a perpetual inventory system. Value 80 pts
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