Question
Super Inc. entered into the transactions listed below. In the journal provided, prepare necessary entries, assuming use of the perpetual inventory system. July 6 Purchase
Super Inc. entered into the transactions listed below. In the journal provided, prepare necessary entries, assuming use of the perpetual inventory system.
July 6 Purchase $5,500 of merchandise on credit, terms n/30
8 Returned $500 of the items purchased on July 6.
9 Paid freight charges of $150 on the items purchased July 6.
19 Sold merchandise on credit for $5,400, terms 1/10, n/30. The merchandise had an inventory cost of $2,700.
22 Of the merchandise sold on July 19, $700 of it was returned. The items had cost the store $350.
28 Received payment in full from the customer of July 19.
31 Paid for the merchandise purchased on July 6.
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