Question
Sandy's Supply Store, Inc., entered into the transactions listed below. Prepare Sandy's General Journal entries, assuming use of the perpetual inventory system. Omit explanations. Mar.
Sandy's Supply Store, Inc., entered into the transactions listed below. Prepare Sandy's General Journal entries, assuming use of the perpetual inventory system. Omit explanations.
Mar. | 2 | Purchased $900 of merchandise on credit, terms n/30. |
| 6 | Returned $150 of the items purchased on March 2. |
| 8 | Paid freight charges of $50 on the items purchased March 2. |
| 16 | Sold merchandise on credit for $1,200, terms n/15. The merchandise had a cost in inventory of $750. |
| 17 | Of the merchandise sold on March 16, $100 of it was returned. The items had cost Sandy's $30. |
| 25 | Received payment in full from the customer of March 16. |
| 31 | Paid for the merchandise purchased on March 2. |
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