Journal Entries -Perpetual Inventory system

A. Journalize each of the following transactions assuming a perpetual

Inventory system (Purchase Transactions)

Feb 1 Purchased $17,000 of merchandise inventory : terms 1/10, n/30.

5 Purchased for cash $8,200 of merchandise inventory.

6. Purchased $22,000 of merchandise inventory: terms 2/15, n/45

9. Purchased $1,900 of office supplies: terms n/15

10. Contacted a major supplier to place an order for $200,000 of merchandise in exchange

For a 30% trade discount to be shipped on April 1 FOB destination.

11. Paid for the merchandise purchased on February 1.

24. Paid for the office supplies purchased on February 9.

Mar. 25 Paid for the February 6 purchase.

B. Journalize each of the following transactions assuming perpetual

inventory system.(Sales Transactions)

Feb. 1 Sold merchandise with a cost of $ 1,500 for $2,100: