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Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, $1,815.24. The cost of merchandise was $1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, $622. The cost of the merchandise was $485. c. Bought merchandise on account from Michal’s Inc., invoice no. 1685, $850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, $65.00 (total $915). d. Received credit memorandum no. 219 from Michal’s Inc. for merchandise returned, $210.

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 9, Problem 7E
Textbook Problem

Record the following transactions for a perpetual inventory system in general journal form.

  1. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, $1,815.24. The cost of merchandise was $1,320.
  2. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, $622. The cost of the merchandise was $485.
  3. c. Bought merchandise on account from Michal’s Inc., invoice no. 1685, $850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, $65.00 (total $915).
  4. d. Received credit memorandum no. 219 from Michal’s Inc. for merchandise returned, $210.

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
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