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prepare carla vista stores journal entries to record the above transactions Carla Vista Stores is a new company that started operations on March 1,2021 .
prepare carla vista stores journal entries to record the above transactions
Carla Vista Stores is a new company that started operations on March 1,2021 . The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. Carla Vista Stores purchases $8,500 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/30,FOB 1 shipping point. 2 The correct company pays $145 for the shipping charges. 3 Carla Vista returns $1,200 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Carla Vista a $1,200 credit on its account. 21 Carla Vista Stores purchases an additional $14,000 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30,FOB destination. 22 The correct company pays $160 for freight charges. 23 Carla Vista returns $550 of the merchandise purchased on March 21 because it was damaged. Octagon gives Carla Vista a \$550 credit on its account. 30 Carla Vista paid Octagon the amount owing for the merchandise purchased on March 1. 31 Carla Vista paid Octagon the amount owing for the merchandise purchased on March 21Step by Step Solution
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