Question
Walid's Stores carried out the following transactions relating to a single product in May. 1 May 2020 Business purchased 500 units of inventory from Jimmy's
Walid's Stores carried out the following transactions relating to a single product in May.
1 May 2020 Business purchased 500 units of inventory from Jimmy's Warehouse for $30 each on credit.
7 May 2020 Returned 15 units to Jimmy's Warehouse which were damaged.
14 May 2020 Sold 200 units on credit to Wollongong Trades for $40 each.
20 May 2020 Wollongong Trades returned 5 units purchased on 14 May.
Required: Prepare the general journal entries to record the transactions, assuming that a perpetual inventory system is used. The beginning inventory on 30 September consisted of 80 units at $30 cost each. Narrations are not required.
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
