TB Problem Qu$.7-142($Static$)$ Prepare the journal entries...

Prepare the journal entries for the transactions listed below under both the periodic inventory system and the perpetual inventory system.

A$.$ Purchased merchandise for cash, $$1,000.$

B$.$ Sold merchandise for $$600$ cash that had cost $$480($cost is $80\%$ of the sales price$).$

C$.$ Accepted a sales return from a customer: sales price $$30.$ A cash refund was given to the customer. The goods were returned to regular inventory.

D$.$ Returned goods to the vendor because they did not meet our specification; $$50$ cash refund was received.

Complete this question by entering your answers in the tabs below.

Perpetual

Period

Inventory

Inventory

Prepare the journal entries for the transactions listed below under the perpetual inventory system.