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Problem -Merchandiser Journal Entries (5 points) The Reading Cat is a merchandiser of books. The following transactions occurred: July 1 Purchased $2,000 worth of inventory
Problem -Merchandiser Journal Entries (5 points) The Reading Cat is a merchandiser of books. The following transactions occurred: July 1 Purchased $2,000 worth of inventory from supplier Bargain Books. Terms 10/15, n/30. July 2 Paid $30 for the shipping costs relating to the July 1st purchase. July 3 Returned $180 of damaged merchandise to supplier. July 4 Paid supplier Bargain Books. July 5 Made sale of $800 to customer, B. Higgins. Cost of this merchandise totaled $520. Terms 5/5, n/30. July 6 Received customer B. Higgins payment. Required: Prepare the journal entries needed to record the above transactions
Problem -Merchandiser Journal Entries (5 points)
The Reading Cat is a merchandiser of books. The following transactions occurred:
July 1 Purchased $2,000 worth of inventory from supplier Bargain Books. Terms 10/15, n/30.
July 2 Paid $30 for the shipping costs relating to the July 1st purchase.
July 3 Returned $180 of damaged merchandise to supplier.
July 4 Paid supplier Bargain Books.
July 5 Made sale of $800 to customer, B. Higgins. Cost of this merchandise totaled $520. Terms 5/5, n/30.
July 6 Received customer B. Higgins payment.
Required: Prepare the journal entries needed to record the above transactions
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Public Sector Audit
Authors: Carolyn J. Cordery, David C. Hay
1st Edition
0367650622, 9780367650629
