Mei Company engaged in the following transactions for the month of April.Record the transactions using the perpetual inventory system.Apr.2 Purchased goods from Jane Trading on credit. Terms: 2/10, n/30, $80,000Returned 20% defective goods to Jane TradingIntlumom to dron 600:00)1013151719Cash sales, P46,000 (cost, P 27,000)ni volloPurchased goods from Peggy Co., P40,000; Terms: 25% DP, 3/15, n/30Paid P6,000 freight on goods purchasedSold goods to Menchang Trading on credit. Terms: 2/10, n/30, P100,000(cost, P59,000).892019

Name: Mei Company engaged in the following transactions for the month of Ap
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Description: Mei Company engaged in the following transactions for the month of April.Record the transactions using the perpetual inventory system.Apr.2 Purchased goods from Jane Trading on credit. Terms: 2/10, n/30, $80,000Returned 20% defective goods to Jane T

Perpetual inventory system is one of the inventory system. Under this system, all purchase and sale…

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Mei Company engaged in the following transactions for the month of April. Record the transactions using the perpetual inventory system. Apr. 2 Purchased goods from Jane Trading on credit. Terms: 2/10, n/30, P80,000 10 Returned 20 % defective goods to Jane Trading (101) mos hentiomom to dow 600:00 13 Cash sales, P46,000 (cost, P 27,000) 15 Purchased goods from Peggy Co., P40,000; Terms: 25% DP, 3/15, n/30 Paid P6,000 freight on goods purchased Sold goods to Menchang Trading on credit. Terms: 2/10, n/30, P100,000 17 19

Mei Company engaged in the following transactions for the month of April. Record the transactions using the perpetual inventory system. Apr. 2 Purchased goods from Jane Trading on credit. Terms: 2/10, n/30, P80,000 10 Returned 20 % defective goods to Jane Trading (101) mos hentiomom to dow 600:00 13 Cash sales, P46,000 (cost, P 27,000) 15 Purchased goods from Peggy Co., P40,000; Terms: 25% DP, 3/15, n/30 Paid P6,000 freight on goods purchased Sold goods to Menchang Trading on credit. Terms: 2/10, n/30, P100,000 17 19

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 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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