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The following transactions were selected from among those completed by Bunnys Retail Store: Nov. 20 Sold two items of merchandise to Charlie Mann, who paid
The following transactions were selected from among those completed by Bunnys Retail Store:
Nov. | 20 | Sold two items of merchandise to Charlie Mann, who paid the $1,400 sales price in cash. The goods cost Bunnys $500. | ||
25 | Sold 20 items of merchandise to Vachon's Athletics at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bunnys's $3,500. | |||
28 | Sold 10 identical items of merchandise to Nicks Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bunnys $6,000. | |||
29 | Nicks Gym returned one of the items purchased on the 28th. The item was in perfect condition, and credit was given to the customer. | |||
Dec. | 6 | Nicks Gym paid the account balance in full. | ||
30 | Vachon Athletics paid in full for the invoice of November 25. |
Required: Prepare journal entries to record the transactions, assuming Bunnys Retail Store uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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