Question
need help in this merchandise journal entries question These are merchandise inventory transactions that took place in the month of May in the operations of
need help in this merchandise journal entries question
These are merchandise inventory transactions that took place in the month of May in the operations of Enterprise Office Supplies company use a perpetual inventory system and they record all purchase/sales discounts for early payment at the time of payment. Ignoring any sales/excise taxes, make journal entries for these transactions.
May1. Sold inventory costing $2,507 to Get Corp on credit for $5,280. Terms 5/10 net 30.
May 6. 831 of the merchandise sold on Jul 1 to Venture Corp was returned for credit on account.
May9. Purchased inventory costing $6,994 from Get-On Inc. on credit. Terms 5/10 net 30.
May.10 enterprise office supplies discoverd that 984$ worth of merchandise is defective and returned it to get-on-inc for the full amount
May 14 venture corp pair their account for 1,169$
May31. At end of may, the merchandise inventory account had a balance of $88,337. Counting was done physical adding up to $86,693
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