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Sales and purchase transactions using perpetual inventory system. The following transactions were selected from a group completed by Borges Distributors. Please use the attached journal
Sales and purchase transactions using perpetual inventory system. The following transactions were selected from a group completed by Borges Distributors. Please use the attached journal paper, and skip a line between transactions Nov. 3 Purchased merchandise on account from Smith Co., the list price was $85,000, trade discount 25%, terms FOB destination, 2/10, n/30 Nov. 4 Sold merchandise for cash, $37,600, the cost of the merchandise was $22,600 /10, Nov. 5 Purchased merchandise on account from Beckham Co. $47,500, terms FOB shipping point, 2 n/30, with prepaid freight of $810 added to the invoice Nov. 6 Returned $13,500 of merchandise purchased on November 3rd from Smith Co. Nov. 8 Sold merchandise n account to Quaker, $15,600, with terms n/15. The cost of the goods sold was $9,400 Nov 13 Paid merchandise bought from Smith on November 3rd, less return of November 6th Nov. 23 Received cash on account for the sale of November 8th to Quaker Nov 30 Paid Quaker a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300. (Note you pay the refund and account for the merchandise returned) Adjusted Trial Balance
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