The following transactions were selected from among those completed by Bears Retail Store Nov 20 Sold two items of merchandise to Cheryl Jahn, who paid the $550 sales price in cash The goods cost Bears $400 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $5,000 (total) terms 3 10, n 30 The goods cost Bears $3,000 28 Sold 10 identical items of merchandise to Nancys Gym at a selling price of $7,000 (total) terms 3 10, n 30 The goods cost Bears $4,500 29 Nancys 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 Nancys Gym paid the account balance in full 30 Vasko Athletics paid in full for the invoice of November 25 Required Prepare journal entries to record the transactions, assuming Bears 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 Round your answers to the nearest whole dollar amount )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 15, 2024

The following transactions were selected from among those completed by Bears Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid

The following transactions were selected from among those completed by Bears Retail Store:

Nov. 20	Sold two items of merchandise to Cheryl Jahn, who paid the $550 sales price in cash. The goods cost Bears $400.
25	Sold 20 items of merchandise to Vasko Athletics at a selling price of $5,000 (total); terms 3/10, n/30. The goods cost Bears $3,000.
28	Sold 10 identical items of merchandise to Nancys Gym at a selling price of $7,000 (total); terms 3/10, n/30. The goods cost Bears $4,500.
29	Nancys 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	Nancys Gym paid the account balance in full.
30	Vasko Athletics paid in full for the invoice of November 25.

Required:

Prepare journal entries to record the transactions, assuming Bears 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. Round your answers to the nearest whole dollar amount.)