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Unformatted text preview: Mar. 15 Accounts Payable (7%) Merchandise Inventory (7%) Cash (7%) QS4_1_id12 QS4_1_id14 QS 4-1: Recording purchasesperpetual system L.O. P1 Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Mar. 5 Purchased 1,000 units of product with a list price of $12 per unit. Terms of the sale are 2/10, n/60; invoice is dated March 5. Mar. 7 Returned 50 defective units from the March 5 purchase and received full credit. Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7. Date General Journal Mar. 5 Merchandise Inventory...
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This note was uploaded on 11/19/2010 for the course BUS 120 taught by Professor Michecle during the Spring '10 term at Grossmont.
- Spring '10