Question
Sandys Supply Store, Inc., entered into the transactions listed below. In the journal provided, prepare Sandys entries, assuming use of the perpetual inventory system. Omit
Sandys Supply Store, Inc., entered into the transactions listed below. In the journal provided, prepare Sandys entries, assuming use of the perpetual inventory system. Omit explanations.
1- Mar. 2 Purchased $900 of merchandise on credit, terms n/30. 2- March 6 Returned $150 of the items purchased on March 2. 3- March 8 Paid freight charges of $50 on the items purchased March 2. 4- March 16 Sold merchandise on credit for $1,200, terms n/15. The merchandise had a cost in inventory of $750. 5- March 17 Of the merchandise sold on March 16, $100 of it was returned. The items had cost Sandys $30. 6- March 25 Received payment in full from the customer of March 16. 7- March 31 Paid for the merchandise purchased on March 2.
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