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The following transactions occurred at Slinky Inc., a retail toy store, which uses a perpetual inventory system: July1July3merchandisecost$25eachandthecredittermswere4/10,n/30.Theshippingcosts,paidseparatelyincashtotheshippingcompanybySlinky,were$500underthetermsFOBShipping.SlinkyreceivedtheinventoryonJuly3rd.July4July6July7July8July17July30July31Slinkyestablishedapettycashfundfor$500.Slinkypurchased100unitsofinventoryfromasupplieroncredit.TheSlinkyreturned10unitsofinventoryfromtheJuly3rdtransactiontothesupplier.Noshippingcostswereincurredwiththereturn.Slinkysold30oftheunitspurchasedonJuly3rdfor$45eachtocustomersforcash.Slinkyacceptedareturnof1unitofinventoryfromaJuly6thcustomerforacashrefund.SlinkypaidthesupplierfortheinventorypurchasedonJuly3rdlessthereturnsmadeonJuly4th.Slinkyused$150outofpettycashtopayforabusinesslunch(meetingexpense),alongwithanadditional$25forparking(parkingexpense).Slinkypurchased100moreunitsofinventoryfromadifferentsupplieroncredit.Themerchandisecost$30eachandnocredittermsweregranted.Theshippingcostswere$600underthetermsFOBdestinationandSlinkyreceivedtheinventoryonAugust5th.Slinkyreplenishedpettycash. Using the space provided below and on
The following transactions occurred at Slinky Inc., a retail toy store, which uses a perpetual inventory system: July1July3merchandisecost$25eachandthecredittermswere4/10,n/30.Theshippingcosts,paidseparatelyincashtotheshippingcompanybySlinky,were$500underthetermsFOBShipping.SlinkyreceivedtheinventoryonJuly3rd.July4July6July7July8July17July30July31Slinkyestablishedapettycashfundfor$500.Slinkypurchased100unitsofinventoryfromasupplieroncredit.TheSlinkyreturned10unitsofinventoryfromtheJuly3rdtransactiontothesupplier.Noshippingcostswereincurredwiththereturn.Slinkysold30oftheunitspurchasedonJuly3rdfor$45eachtocustomersforcash.Slinkyacceptedareturnof1unitofinventoryfromaJuly6thcustomerforacashrefund.SlinkypaidthesupplierfortheinventorypurchasedonJuly3rdlessthereturnsmadeonJuly4th.Slinkyused$150outofpettycashtopayforabusinesslunch(meetingexpense),alongwithanadditional$25forparking(parkingexpense).Slinkypurchased100moreunitsofinventoryfromadifferentsupplieroncredit.Themerchandisecost$30eachandnocredittermsweregranted.Theshippingcostswere$600underthetermsFOBdestinationandSlinkyreceivedtheinventoryonAugust5th.Slinkyreplenishedpettycash. Using the space provided below and on the next page, record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to July business. If no journal entry is needed, write the transaction date and "NO ENTRY
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