Assume that Telca Co. uses periodic inventory system. The following are the transactions that occurred. Journalize > Purchased merchandise amounting to 9, 000 from Racer Company with terms 3/10, net/30 on March 6. > Paid freight on purchase from Racer Company with an amount 500 on March 7. > Returned merchandise to Racer Company 2,000 on March 9. > Paid Racer Company in full on March 16. > On March 25, Telca Co. sold merchandise purchased from Racer Company, which cost 1,700 to a customer on account at a gross profit of 15%.

Assume that Telca Co. uses periodic inventory system. The following are the transactions that occurred. Journalize > Purchased merchandise amounting to 9, 000 from Racer Company with terms 3/10, net/30 on March 6. > Paid freight on purchase from Racer Company with an amount 500 on March 7. > Returned merchandise to Racer Company 2,000 on March 9. > Paid Racer Company in full on March 16. > On March 25, Telca Co. sold merchandise purchased from Racer Company, which cost 1,700 to a customer on account at a gross profit of 15%.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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