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Problem 7-6A inventory system and makes all cre McMillan Distributors, which uses the perpetual transactions during July: sales on terms of completed the following gers
Problem 7-6A inventory system and makes all cre McMillan Distributors, which uses the perpetual transactions during July: sales on terms of completed the following gers Jul 2 Issued invoice no. 913 for sale on account to Ishikawa Inc, McMa cost of this inventory was $10,800. Credit sales terms are 1/10, n/30 an's 3 Purchased inventory on credit terms of3/10, n/60 from Nakkachco $14 orp, 5 The invoice was dated July 3. $2,880). Sold inventory for cash, (cost, 5 ssued cheque no. 532 to purchase furniture for cash, $13,110. 8 Collected interest revenue of $6,650. 9 Issued invoice no. 914 for sale on account to Bell Ltd., $33,300 (cost, $13 Credit sales terms are 1/10, n/30. 10 Purchased inventory for cash, $6,858, issuing cheque no. 533. 12 Received cash from Ishikawa Inc. in full settlement of its account receivable from the sale on July 2. 13 Issued cheque no. 534 to pay Nakkach Corp. the net amount owed from July 3. (Round to the nearest dollar.) 13 Purchased supplies on account from Manley Inc., $8,646. Terms were net end of month. The invoice was dated July 13. 15 Sold inventory on account to M. O. Brown, issuing invoice no. 915 for $3990 (cost, $1,440). Credit sales terms are 1/10, n/30. 17 Issued credit memo to M. O. Brown for $3,990 for merchandise sent in error and returned by Brown. Also accounted for receipt of the inventory. ure of Accounting
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