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I need help journal in the peridoc method for inventory. 10/1/05 Sold merchandise to Ernie Devlin on credit, terms n/30, FOB shipping point, $1,050 (cost
I need help journal in the peridoc method for inventory.
10/1/05 Sold merchandise to Ernie Devlin on credit, terms n/30, FOB shipping point, $1,050 (cost $630 102/05 Purchased merchandise on credit from Ruland Company, terms n/30, FOB $1,900 shipping point, 10/2/05 Paid Custom Freight S145 for freight charges on merchandise received. 10/6/05 Purchased store supplies on credit from Arizin Supply, terms n/30, S318. 10/9/05 Purchased merchandise on credit from LNP Company, terms n/30, FOB including S100 freight costs paid by LNP Company. shipping point, S1,800, 10/1105 Accepted a return of merchandise from Ernie Devlin, $150 (cost, $90) 10/14/05 Returned for credit S300 of merchandise received on October 2 1015/05 Returned for credit $100 of store supplies purchased on October 6. 101605 Sold merchandise for cash, S500 (cost, S300) 1022/05 Paid Ruland Company for purchase of October 2 less return of October 14. 1023/05 Received full payment from Ernie Devlin for his October 1 purchase, less return on October 11 Step by Step Solution
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