Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30, FOB destination. 2 Paid $240 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,100 (cost of sales $2,580); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,230 (cost of sales $750). 28 The customer of February 4 paid the amount owing.

Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30, FOB destination. 2 Paid $240 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,100 (cost of sales $2,580); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,230 (cost of sales $750). 28 The customer of February 4 paid the amount owing.

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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