I was wondering if you can help me with Chapter 5 exercise 5-3 and 5-4 in the fundamental accounting principles.
I need help with Chapter 5 exercise 5-3 and exercise 5-4
24 Paid for the office supplies purchast 23 the Mar. Paid for the February 6 purchase. Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual Lo ers to bring great style and fit to her customers. Prepare journal entries for Mar01 following transactions. Assume a perpetual inventory system. t to record the Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,200 invoice price. 2/15, n/60, FOB shipping port 3 Paid $350 for shipping charges on the purchase of March 2 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $400. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discoun 18 Purchased jeans from J Brand under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $2.100 allowance on the purchase of March 18 28 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance. Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system. You are not re quired to identify the account number in your journal entries. Ex Or n/ Jan. 5 Sold merchandise to a customer for $6.800; terms 1/10, n/30 (cost of sales $4,080). 7 Made a cash sale of $5,100 of merchandise to a customer today (cost of sales $3,060). 8 Sold merchandise for $12.400; terms 1/10, n/30 (cost of sales $7,440). 15 Collected the amount owing from the credit customer of January 5 of Feb. 4 The customer of January 8 paid the balance owing 360 CHAPTER 5 Accounting for Merchandising Activities he company's chart of accounts include the following: 101 106 119 201 201 414 415 500 Cash Accounts Receivable Merchandise inventory Accounts Payable Sales Sales returns and allowances Sales discounts Cost of goods sold tercise 5-5 Recording journal entries for merchandise sales transacti metual inventory system