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Journalize the following transactions assuming a perpetual inventory system: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal
Journalize the following transactions assuming a perpetual inventory system: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) a. Sold merchandise on account to Garcia Co., Invoice no. 10, $48. The cost of the merchandise was $30. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step Journal Entry Account Titles Record the cost of the sale. Journal Entry Account Titles PR Dr. Choose from any list or enter any number in the input fields and then continue to the next cuestion b. Received check from Phair Co., $800, less 1% discount. (Assume $800 was the gross amount of the sale.) Journal Entry Account Titles PR Dr. c. Cash sales, $97. The cost of merchandise was $70. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Journal Entry Account Titles PR Dr. Choose from any list or enter any number in the input fields and then continue to the next question Journal Entry Account Titles d. issued credit memorandum no. 2 to Garcia Co, for defective merchandise. $25. The cost of the merchandise was $13. Begin by recording the receivable portion of the adjustment. Do not yet adjust for the cost of the merchandise returned. We will do that in the following step. Journal Entry Account Titles Choose from any list or enter any number in the input fields and then continue to the next question. Account Titles Record the entry to adjust for the cost of the merchandise returned. Journal Entry Account Titles PR Dr. Choose from any list or enter any number in the input fields and then continue to the next question. More Info a. Sold merchandise on account to Garcia Co., invoice no. 10, $48. The cost of the merchandise was $30. b. Received check from Phair Co., $800, less 1% discount. c. Cash sales, $97. The cost of merchandise was $70. d. Issued credit memorandum no. 2 to Garcia Co. for defective merchandise. $25. The cost of the merchandise was $13
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