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Selected transactions of DBA, Inc, which uses the perpetual inventory system, are shown below. Joumalize each of the following transactions related to inventory for DBA.
Selected transactions of DBA, Inc, which uses the perpetual inventory system, are shown below. Joumalize each of the following transactions related to inventory for DBA. June 16 Purchased on account from ABD, $10,000, 1/10, n/30, fob shipping point. 16 Paid carrier to have goods delivered from ABD, $400. 17 Sold goods on account to DR Company, $8,500, 2/10, n/30; the goods cost the company $4,500. Shipping terms are fob shipping point. 19 DR Company returned goods they were not satisfied with, $500; the goods had a cost of $250. 25 Received payment from DR Company for the amount due on their account. 26 Made a payment to ABD for the full amount due on their account. Required: On the general joumal page, prepare the required journal entries that DBA, Inc. must make to record these transactions assuming they use the perpetual method of accounting for inventory Date Account Name Debit Credit Page 6 of 10 1825 words English (United States)
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