Answered step by step
Verified Expert Solution
Question
1 Approved Answer
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,000. Freight charges of $800 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,100 and John's account was credited by the supplier. 3. Merchandise costing $3,300 was sold for $6,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Record the merchandise purchased on account for $6,000. Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $6,000. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the payment of freight charges for $800. Note: Enter debits before credits. Transaction 1b Saved General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Saved Record the return of merchandise purchased on account costing $1,100. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit View general journal Record entry Clear entry entry worksheet < 1 2 3 5 Record the sale of merchandise for $6,200 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 5 Record the cost of goods sold for $3,300. Note: Enter debits before credits. Transaction 3b General Journal Debit Credit Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started