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make journal entry 1. Rackley Company completes these (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction); perpetual inventory system
make journal entry
1. Rackley Company completes these (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction); perpetual inventory system was adopted by Rackley Company in recording its inventory transactions. March Received $87.200 of merchandise and an invoice dated March 1, terms 2/15, n/30, from Fox Industries. old merchandise on credit to Armand Leon, Invoice No, 854, for $33,600 (cost S16 800) 3. Purchased $2460 of office supplies on credit from Hilary Company, invoice dated March 3, terms 2/10, EOM. 3. Sold merchandise on credit to Kit Dean, Invoice No. 855, for $20,400 (cost, S11,600). 6. Borrowed $164,000 cash by giving Commence Bank a long-term note payable 9. Purchased $43,700 of office equipment on credit from Rose Supply, Invoice dated March 9, terms 3/10, EOM. 10.S S5,800). Sool, merchandise on credit to Taylor Wood, Invoice No. 856, for $11.200 (cost, 12. Received payment from Armand Leon for the March 2 sales less discount 13. Sent Check No. 416 to Fox Industries in payment of the amount due on theMarch 1. invoice. 13. With respect to the sale of March 3, received the amount due from Kit Dean 13. Received $32,625 of merchandise and an invoice dated March 13, terms 2/10, n/30, from the LR Company 15. Issued Check No. 417, in payment of sales salaries for the first half of the month,S18,000. 15. Cash sales for the first half of the month are $69,000 (cost is $40,400 16.Purchased S1.700 of store supplies on credit from Hilary Company, invsice datedMarch 16, terms n/10 EOM 17. Received $2,400 credit memorandum from L.R Company for unsatisfactory mercha received on March 14, and returned for credit Step by Step Solution
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