John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier, 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet <> 2 3 4 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Debit Credit Transaction General Journal
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier, 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet <> 2 3 4 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Debit Credit Transaction General Journal
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
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