Question
Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10,
Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB 2) Oct1 Business sold $7830 inventory to NCE's Inc., the cost is $1130. Terms 2/15, n/30 FOB 3) Oct4, Business returned defective $275 inventory back to GSC's Inc. 4) Oct7 Business paid delivery $235 for the inventory sales to NCE's Inc. 5) Oct8 Business issued a credit memo $215 to NCE's Inc., regarding the sales discount on Oct1 6) Oct9 business purchased inventory $4230 from Bob's Ltd, Terms: 1/5, n/10, FOB 7) Oct11 Business paid the GSC's Inc. in full. 8) Oct16 Business Received NCE's Inc's money. 9) Oct30 paid Bob's Ltd for the Oct9 purchase.
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