Doreen Woods owns a small variety store. The following transactions took place during March of the current year. March Transactions: Mar. 3 Purchased merchandise on account from Corner Galleria, $3,190. Paid freight charge on merchandise purchased, $215. Sold merchandise on account to Sonya Specialties, $4,080. The cost of the merchandise was $2,570. 13 18 Received a credit memo from Corner Galleria for merchandise returned, $950. 22 Issued a credit memo to Sonya Specialties for merchandise returned, $520. The cost of the merchandise was $250. Required: Journalize the transactions in a general journal using the perpetual inventory method.
Doreen Woods owns a small variety store. The following transactions took place during March of the current year. March Transactions: Mar. 3 Purchased merchandise on account from Corner Galleria, $3,190. Paid freight charge on merchandise purchased, $215. Sold merchandise on account to Sonya Specialties, $4,080. The cost of the merchandise was $2,570. 13 18 Received a credit memo from Corner Galleria for merchandise returned, $950. 22 Issued a credit memo to Sonya Specialties for merchandise returned, $520. The cost of the merchandise was $250. Required: Journalize the transactions in a general journal using the perpetual inventory method.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 3SEB: JOURNAL ENTRIESPERPETUAL INVENTORY Doreen Woods owns a small variety store. The following...
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