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Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30,
Journalize each of the following transactions assuming a perpetual inventory system.
Feb. | 1 | Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination. |
2 | Paid $225 to ship the merchandise sold on February 1. | |
3 | The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. | |
4 | Sold merchandise to a customer for $3,800 (cost of sales $2,280); terms 2/10, n/30, FOB destination. | |
11 | Collected the amount owing from the customer of February 1. | |
23 | Sold merchandise to a customer for cash of $1,200 (cost of sales $720). | |
28 | The customer of February 4 paid the amount owing. |
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