Question
Please make accounting entries for the following transactions( please also show me the calculation and what Journal it is ): Jul1, 2018 Business bought $2,000
Please make accounting entries for the following transactions(please also show me the calculation and what Journal it is):
- Jul1, 2018 Business bought $2,000 of inventory from Lancaster Inc., money will be paid in the future
2. Jul2, 2018 Business sold $900 inventory to Mikes Ltd, the cost is $350, the money will be received in the future.
3. Jul15, 2018 Business paid the Lancaster Inc. in full
4. Jul17, 2018 Business purchased $600 of inventory from Power Electric In. paid in cash
5. Jul18, 2018 Business received Mikes money in full
6. Jul20, 2018 Business purchased inventory $2,700 from ZEE Enterprise, the money will be paid in the future
7.Jul21, 2018 Business found defective product, so returned $200 inventory to ZEE
8. Jul22, 2018 Business received a $200 debit memo from Mike for an allowance on goods sold on Jul2, 2018.
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