Chapter 8 Homework Problem - Chapter 8 Homework...

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Chapter 8 HomeworkInventories: Measurement1.John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions forthe1. John’s purchased merchandise on account for $6,200. Freight charges of $900 were paid in cash.2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,200 and John’saccount was credited by the supplier.3. Merchandise costing $3,400 was sold for $6,400 in cash.month of May 2013:Prepare the necessary journal entries to record these transactions.(If no entry is required for a particulartransaction, select "No journal entry required" in the first account field.)

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