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very urgent Valley Sales Co uses a perpetual inventory system. The following transactions occurred during the month of July 2022 July 10 Sold to Hill
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Valley Sales Co uses a perpetual inventory system. The following transactions occurred during the month of July 2022 July 10 Sold to Hill Inc., merchandise with a cost of $5,000 for $7.500 terms 1/10 n/30, FOB destination Purchased merchandise from Tool's Warehouse, terms 2/15. n30 FOB shipping point invoice price 55,300 July 13 July 15 The correct company paid freight costs of S275 for the July 10 sale July 25 Paid for the merchandise purchased on July 13 July 27 Hill Inc returned $2.250 of merchandise because it was the wrong model The cost of the merchandise was $1.500 and the merchandise was returned to inventory Required: Prepare the journal entries to record the above transactions in the General Voumal provided Step by Step Solution
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