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On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were 2/10, net 30. On May 2, the owner returned
On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were 2/10, net 30.
On May 2, the owner returned one ring
On May 3, the owner sold 3 of the rings on account at 8000 each to one customer. the credit terms were 2/10, net 30.
On May 9, the owner paid the debt due to May 1
On May 15, the customer from May 3 paid for the rings
Prepare the journal entries for the above transactions.
1. the store uses the perpetual inventory system and the gross method to record purchase discounts.
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