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Journal Entries for Merchandise Transactions-Perpetual System Webster Company was established on July 1. Its sales terms are 2/10, 1/30. Credit terms for its purchases vary

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Journal Entries for Merchandise Transactions-Perpetual System Webster Company was established on July 1. Its sales terms are 2/10, 1/30. Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are given below. Unless noted, all transactions are on account and involve merchandise held for resale, Webster Company uses the perpetual inventory system. July 1Purchased goods from Dawson, Inc. $2,400; terms 1/10. n/30. 2 Purchased goods from Penn Company, 54,700 terms 2/10, 1/30 3 Paid freighton shipment from Dawson $150 5 Sold merchandise to Ward, Inc., 51.800 (51.475 Cost) 5 Paid freighton shipment to Ward, Inc. $110.Hint: debit Delivery Expenses 8 Returned $300 worth of the goods purchased July 1 from Dawson, Inc, because some goods were damaged, Dawson approved the return 9 Received returned goods from Ward, inc. worth $250 (5200 cost). 10 Paid Dawson, Inc., the amount due 10 Purchased goods from Dorn Company with a list price of $2.000. Terms 2/10 30 11 Paid freighton shipment from Dor Company $180 15 Received the amount due from Warding 15 Sold merchandise to Colby Corporation, 53,700 (52.900 cost). 16 Mailed a check to Penn Company for the amount due on its July 2 invoice 18 Received an allowance of $150 from Dorn Company for defective merchandise purchased on July 10 19 Paid Dorn Company the amount due 25 Received the amount due from Colby Corporation Journal Entries for Merchandise Transactions-Perpetual System Webster Company was established on July 1. Its sales terms are 2/10, 1/30. Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are given below. Unless noted, all transactions are on account and involve merchandise held for resale, Webster Company uses the perpetual inventory system. July 1Purchased goods from Dawson, Inc. $2,400; terms 1/10. n/30. 2 Purchased goods from Penn Company, 54,700 terms 2/10, 1/30 3 Paid freighton shipment from Dawson $150 5 Sold merchandise to Ward, Inc., 51.800 (51.475 Cost) 5 Paid freighton shipment to Ward, Inc. $110.Hint: debit Delivery Expenses 8 Returned $300 worth of the goods purchased July 1 from Dawson, Inc, because some goods were damaged, Dawson approved the return 9 Received returned goods from Ward, inc. worth $250 (5200 cost). 10 Paid Dawson, Inc., the amount due 10 Purchased goods from Dorn Company with a list price of $2.000. Terms 2/10 30 11 Paid freighton shipment from Dor Company $180 15 Received the amount due from Warding 15 Sold merchandise to Colby Corporation, 53,700 (52.900 cost). 16 Mailed a check to Penn Company for the amount due on its July 2 invoice 18 Received an allowance of $150 from Dorn Company for defective merchandise purchased on July 10 19 Paid Dorn Company the amount due 25 Received the amount due from Colby Corporation

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