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Suggested Time 15 - 19 minutes Prepare journal entries to record the following events in Citrus Company assuming they use the perpetual inventory system: March
Suggested Time 15 - 19 minutes Prepare journal entries to record the following events in Citrus Company assuming they use the perpetual inventory system: March 3 Purchased goods costing $3,400 on account with terms net 25 days. March 6 Sold goods for $10,000 on account to a customer. The goods cost $6,100. March 24 Purchased goods costing $4,700 for cash. March 25 Sold goods costing $2,800 for $4,500 cash March 28 Paid for the goods purchased on March 3. Customer returned goods that originally sold for $750 (cost was $480) for credit on their March 30 account. March 31 Customer paid for the goods sold on March 6
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