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how to calculate merchandise inventory entries of feb 11 Journalize each of the following transactions assuming a perpetual Inventory system. (If no entry is required
how to calculate merchandise inventory entries of feb 11
Journalize each of the following transactions assuming a perpetual Inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Feb. 1 Purchased $17,900 of merchandise inventory; terms 1/10, n/30. 5 Purchased for cash $9,100 of merchandise inventory 6 Purchased $22,990 of merchandise inventory: terms 2/15, n/45. 9 Purchased $2,350 of office supplies; terms n/15. 10 Contacted a major supplier to place an order for $290,000 of merchandise in exchange for a 30% trade discount to be shipped on April 1 FOB destination. 11 Paid for the merchandise purchased on February 1. 24 Paid for the office supplies purchased on February 9. Mar.23 Paid for the February 6 purchase. View transaction list View journal entry worksheet General Journal Debit Credit No Date 17.900 1 Feb. 01 Merchandise Inventory Accounts payable 17.900 2 Feb. 05 9.100 Merchandise Inventory Cash 9.100 3 Feb 06 Merchandise inventory 22.900 9, 100 2 Feb. 05 Merchandise inventory 9,100 Cash 22,900 3 Feb. 06 Merchandise inventory Accounts payable 22,900 2,350 4 Feb. 09 Office supplies Accounts payable 2.350 5 Feb. 10 No journal entry required 17,900 6 Feb. 11 Accounts payable Merchandise inventory Cash 2,350 7 Feb. 24 Accounts payable Cash 2,350 22.900 8 Mar 23 Accounts payable Cash 22.900Step by Step Solution
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