The Picture Perfect Camera Shop had the following transactions for the month of August 20X1.Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payablein 60 days.6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days.10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30.15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $53e. The cameras were originallypurchased on Invoice 532 of July 29.20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10,n/60.23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usablegoods purchased on Invoice 668 of August 8.Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of itsinventory.

The question is based on the concept of Journal entries.

The Picture Perfect Camera Shop had the following transactions for the month of August 20X1. Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payable in 60 days. 6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days. 10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30. 15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $530. The cameras were originally purchased on Invoice 532 of July 29. 20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10, n/60. 23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 668 of August 8. Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of its inventory.

The Picture Perfect Camera Shop had the following transactions for the month of August 20X1. Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payable in 60 days. 6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days. 10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30. 15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $530. The cameras were originally purchased on Invoice 532 of July 29. 20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10, n/60. 23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 668 of August 8. Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of its inventory.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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