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please show work JOURNAL ENTRIES (5 points each) Use the perpetual inventory method to record the following transactions: a. Record the purchase of $2,000 of
please show work JOURNAL ENTRIES (5 points each) Use the perpetual inventory method to record the following transactions: a. Record the purchase of $2,000 of inventory on account, 2/10, n/30, on March 3 using the gross method for accounting for cash discounts. b. For the above purchase, record the payment of the invoice on March 7. c. Sold merchandise on account for $5,000. The cost of the merchandise was $3,500. Use the periodic inventory method to record the following transactions: d. Purchased $500 of merchandise on account. e. Paid $75 of freight for the above merchandise. f. Sold merchandise for $950 on account. The cost of the merchandise was $600. a b C d e f
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