Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $2,160 for $3,3e; teras 2/10,n/30,

help image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $2,160 for $3,3e; teras 2/10,n/30, Foe destination. 2 Paid s25s to srip the aerchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to imventory. 4 Sold eerchandise to a custoner for $3,600 (cost of sales $2, ase); tecas 2/10,/30, foB destination. 11 Collected the asount owing fron the custoner of February 1. 23 Sold merchandise to a castomer for cash of $1,180 (cost of sales \$TeQ). 28 The custcen of February 4 pald the asount oulng. Journal entry worksheet 234 Nole: Enter sebita belore credits. Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Record sale of merchandise for $3,600; terms 2/10, N/30, FOB destination. Note: Enter debits bitore credith. Journal entry worksheet 12 34 5 6 7 8 Record cost of sales $2,080 of merchandise sold on February 4. Note: Lnter debits before creilis Journal entry worksheet 123456 Pecord the collection of amount owed by the customer for sale made on February 1. Nete: Franer debite bufore credts. Journal entry worksheet Journal entry worksheet Fecord cost of sales of 5700 for merchandise sold on February 23. Notei Enter debits before crodits. Journal entry worksheet Record the collection of amount owed by the customer for sale made on February 4. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ACCOUNTING JOB QUESTIONS AND ANSWERS Trainee Accountants Handbook

Authors: Sterling Libs FCCA

1st Edition

1911037129, 978-1911037125

More Books

Students also viewed these Accounting questions

Question

What are the reasons for each journal entry?

Answered: 1 week ago