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Homework 2 - Homework#2 NAME Section Please follow...

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Homework #2 NAME: _________________ Section: ________ Please follow the “homework instructions” and check your work for full credit! 1: Luci uses the perpetual inventory method and had the following transactions in June: June 1: Purchased $300 (on account) of merchandise he intends to resell w/ 2/10, net 30 terms. The freight of $25 was FOB destination point and was in paid in cash by the responsible party. June 3: He returned $100 of the June 1 st purchase because he hated the color June 5: He paid his account in full June 7: He purchased $1,000 on account of merchandise w/ 3/15, net 30 terms. The freight was $125 FOB shipping point and was paid in cash by the responsible party. June 9: He purchased another $500 w/ 3/15, net 30 terms and paid $25 in freight charges. June 21 : He returned $150 of the June 9 th purchase because he is picky July 8: He paid his account in full a.) Prepare the journal entries for each of the transactions above b.) If Beginning Inventory was $250, what is the value of ending inventory?
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