Intro to Financial Accounting - COllege Level 1

Gias Gymnastics Gear uses a perpetual inventory system. The following transactions occurred in July: Jul 6 Purchased $1,800 of merchandise on credit, terms 1/10, n/30. 8 Because some of the items purchased on July 6 had a small defect, Gias Gymnastics Gear received a purchase allowance of $175. 9 Paid freight charges of $75 on the items purchased July 6. 19 Sold merchandise on credit for $1,800, terms 2/10, n/30. The merchandise had a cost of $900. 22 Of the merchandise sold on July 19, $200 of it was returned. The items had cost Gias$100 and were returned to inventory. 28 Received payment from the customer of July 19. 31 Paid for the merchandise purchased on July 6.

Instructions Record the July transactions for Gias Gymnastics Gear