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Help with journal entries for merchandise only the wrong ones Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells
Help with journal entries for merchandise only the wrong ones Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and i merchandise held for resale. The perpetual inventory system is used Aug 1 Purchased merchandise from Norris, Inc, $3,600,terms 2/10, n/30 s Paid freight on shipment from Norris, inc, $180. 7 Sold merchandise to Denton Corporation, $5,000 ($3,600 cost). 7 Paid s360 freight on August 7 shipment and billed Denton for the charges. Norris approved the Returned $800 worth of the merchandise purchased August 1 from Norris, Inc, because it was defective return, 9 Received 1,000 of returned merchandise ($800 cost) from Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due 14 Purchased from Chambers, Inc, goods with a price of $10,000. Terms 1/10, n/30. 15 Paid freight on shipment from Chambers, Inc, $300. 17 Received the amount due from Denton Corporation. 18 Sold merchandise to Weber, Inc., $9,800 ($6,800 cost). 20 Paid $340 freight on August 18 shipment and billed Weber for the charges 24 Paid Chambers, Inc, the amount due. 28 Received the amount due from Weber, Inc. Required Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar
Help with journal entries for merchandise only the wrong ones
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