Question
Prepare journal entries to record the transactions. Hijrah Mart uses the perpetual inventory system. Hijrah Mart engaged in the following transactions in April 2022: April
Prepare journal entries to record the transactions. Hijrah Mart uses the perpetual inventory system.
Hijrah Mart engaged in the following transactions in April 2022:
| April 7 | Sold merchandise on credit to En. Amin, terms 2/10, n/30, FOB shipping point, RM3,000 (cost RM1,800) |
| 8 | Purchased merchandise on credit from Borong Jaya, terms 2/10, n/30, FOB shipping point, RM6,000. |
| 9 | Paid Borong Jaya for shipping charges on merchandise purchased on 8 April, RM254. |
| 10 | Purchased merchandise on credit from Nusa Asia, terms 2/10, n/30, FOB shipping point, RM9,600, including RM600 freight costs paid by Nusa Asia. |
| 11 | Sold merchandise on credit to Koperasi Jitra, terms 2/10, ; n/30, FOB shipping point, RM2,400 (cost RM1,440). |
| 11 | Returned RM600 of the merchandise received from Borong Jaya on 8 April. |
| 13 | Received cheque from En. Amin for his purchase on 7 April. |
| 15 | Sold merchandise for cash, RM1,800 (cost RM1,080). |
| 17 | Paid Nusa Asia for purchase of 10 April. |
| 18 | Paid Borong Jaya the balance from the transactions of 8 April and 11 April. |
| 20 | Accepted from Koperasi Jitra a return of merchandise, which was put back in inventory, RM200 (cost RM120). |
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Financial Accounting A Business Perspective
Authors: Roger H. Hermanson, James Don Edwards
7th Edition
0072289988, 978-0072289985
