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Journalize purchase and sale transactions under a perpetual inventory system. (LO 2,3), AP Cosmotologist Warehouse distributes commercial hair care products in one-gallon bottles to hair
Journalize purchase and sale transactions under a perpetual inventory system. (LO 2,3), AP Cosmotologist Warehouse distributes commercial hair care products in one-gallon bottles to hair salons and extends credit terms of 3/10, n/30 to all of its customers. During the month of April, the following merchandising transactions occurred. Apr. 1 Purchased 190 bottles on account for $6 each (including freight) from Luminous Hair, terms 2710, n/30. 3 Sold 40 bottles on account to the Jane's Hair Salon for $10 each. 6 Received S90 credit for 15 bottles returned to Luminous Hair. 9 Paid Luminous Hair in full. 12 Received payment in full from the Jane's Hair Salon. 13 Sold 25 bottles on account to Luxury Salon for $12 each. 20 Purchased 200 bottles on account for $6 each from Blond Beauty, terms 1/15, n/30. 24 Received payment in full from Luxury Salon. 26 Paid Blond Beauty in full. 28 Sold 160 bottles on account to Beautiful Cuts salons for $10 each. 30 Granted Beautiful Cuts for 20 credit for 12 bottles returned costing $72. Journalize the transactions for the month of April for Cosmotologist Warehouse, using a perpetual inventory system. Assume the cost of each bottle sold was $6
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