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Unformatted text preview: ACC225 Journalize the following merchandising transactions for CSI Systems assuming it u inventory system and (b) a perpetual inventory system. 1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with n_x0001_30, FOB shipping point; invoice dated November 1. 2. On November 5, CSI Systems pays cash for the November 1 purchase. 3. On November 7, CSI Systems discovers and returns $100 of defective merchan November 1 for a cash refund. 4. On November 10, CSI Systems pays $80 cash for transportation costs with the 5. On November 13, CSI Systems sells merchandise for $1,500 on credit. The cos is $750. 6. On November 16, the customer returns merchandise from the November 13 tra items sell for $200 and cost $100. A. Periodic CSI Systems General Journal Date Account Title and Explanation PR Debit Credit 1-Nov Purchases 1400 Accounts Payable 1400 5-Nov Accounts Payable...
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This note was uploaded on 10/16/2010 for the course ACC test taught by Professor Test during the Spring '10 term at University of Phoenix.
- Spring '10