acc308 homework 1.odp - John's Specialty Store uses a...

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John's Specialty Store uses a perpetual inventory system. The following are some inventorytransactions for the month of May 2013:1.John’s purchased merchandise on account for $5,800. Freight charges of $700 were paid incash.2.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was$1,000 and John’s account was credited by the supplier.3.Merchandise costing $3,200 was sold for $6,000 in cash.Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for aparticular transaction, select "No journal entry required" in the first account field.)
John's Specialty Store uses a periodic inventory system. The following are some inventorytransactions for the month of May 2013:1.John's purchased merchandise on account for $5,500. Freight charges of $550 were paid incash.2.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $850and 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 aparticular transaction, select "No journal entry required" in the first account field.)

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Term
Spring
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necessary journal entries

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