Question
The followings are the merchandise transactions happened under perpetual inventory system please post a clear pic of answer with 100% perfect solution. 1 1-Jun-20 Sold
The followings are the merchandise transactions happened under perpetual inventory system
please post a clear pic of answer with 100% perfect solution.
1 1-Jun-20 Sold merchandise to SW Inc. for $7,000 term 2/5 , n/15 FOB ( COST of SALES is $6,250)
2 2-Jun-20 Purchased $3500 of merchandise from AMRS Supplier 1/10. n/20, FOB
3 4-Jun-20 Purchased $14,500 inventory from Bombay Sales 1/15, n/45 FOB
4 5-Jun-20 Sold merchandise to GoldenArch Inc. for $11,000 term 2/5, n/15, FOB (Cost of sales is $9,000)
5 6-Jun-20 Collected the amount owing from SW Inc. regarding the Jun1 sales.
6 12-Jun-20 Paid AMRS Supplier for Jun2, 2020 purchase
7 20-Jun-20 Collected the amount owing from GoldenArch Inc.
8 30-Jun-20 Paid Bombay Sales for the Jun4 purchase
Please make entries for the above transactions.
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