7 problems Sheet1

Because the company paid within 10 days it received a

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Unformatted text preview: to record this return under the (1) perpetual inventory system and (2) the periodic inventory system. PE 7 ­8 Purchase Discount Johnson Company paid for the tables purchased in PE 7 ­5 (less the tables returned in PE 7 ­7). Because the company paid within 10 days, it received a 2% discount on the purchase. Make the journal entry necessary to record this transac4on under (1) a perpetual inventory system and (2) a periodic inventory system. PE 7 ­9 Sales Johnson Company sold 70 tables on account for $200 each that were purchased in PE 7 ­5. Make the journal entry or entries to record this transac4on under (1) a perpetual inventory system and (2) a periodic inventory system. Don't forget the tables returned, the 2% discount and the transporta4on costs. PE 7 ­10 Sales returns A dissa4sfied customer retunred sixs of the tables that were sold in PE 7 ­9. Make the journal entry or entries to record this transac4on under (1) perpetual inventory system and (2) a periodic inventory system. E 7 ­23 Recording Sales Transac4ons  ­ Perpetual Inventory Method On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30. On June 30, Clark paid 439,200, receiving the cash discou...
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