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one question but 5 journal please do the answer John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the
one question but 5 journal please do the answer
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John's account was credited by the supplier 3. Merchandise costing $3,000 was sold for $5,600 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,400. Note: Enter debits before credits Transaction General Journal Debit Credit 01 1 2 3 4 5 ord the merchandise purchased on account for $5,400. Enter debits before credits. saction General Journal Debit Credit 01 Record Clear entry View general journal Journal entry worksheet Record the freight charges of $500. Note: Enter debits before credits. Debit General Journal Transaction Credit ournal entry worksheet 1 2 3 4 5 > Record the return of merchandise costing $800. Hote: Enter debits before credits. Transaction General Journal Debit Credit 02 ournal entry worksheet 1 2 3 4 5 > Record the sale of merchandise for $5,600 in cash. ote: Enter debits before credits. Transaction General Journal Debit Credit 03 View transaction list Journal entry worksheetStep by Step Solution
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