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Is this correct for perpetual inventory system? Thanks! Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the
Is this correct for perpetual inventory system? Thanks! Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, 1/60; the invoice is dated November 5. Vov. 7 Returned 25 defective units from the November 5 purchase and received full credit Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system. View transaction list View journal entry worksheet No Date General Journal Credit 1 Nov 05 Merchandise inventory Accounts payable Debit 6,000 6,000 2 Nov 07 Accounts payable Merchandise inventory 250 250 3 Nov 15 5.750 Accounts payable Cash Purchases discounts 5.635 115
Is this correct for perpetual inventory system? Thanks!
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