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Prepare General Journal entries to record the following perpetual system merchandising transactions of The Jewelry Depot. Use a separate account for each receivable and payable.
Prepare General Journal entries to record the following perpetual system merchandising transactions of The Jewelry Depot. Use a separate account for each receivable and payable. Sept 1 Sold merchandise to McKay Company for $90,000 under credit terms 1/15, n/65, FOB destination. The merchandise had cost $47.000. 3 Paid $470 shipping charges related to the September 1 sale to McKay Company. 6 McKay Company returned merchandise from the September 1 sale that had cost $9.400 and been sold for $16,000. The merchandise was restored to inventory. 16 Received the balance due from McKay Company for the September 1 sale
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