Sandy's Supply Store, Inc._Journal entries_perpetual inventory system

Question # 00005235 Posted By: ACCOUNTS_GURU Updated on: 12/12/2013 09:24 PM Due on: 12/31/2014
Subject Accounting Topic Accounting Tutorials:
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Sandy's Supply Store, Inc., entered into the transactions listed below. In the journal provided, prepare Sandy's entries, assuming use of the perpetual inventory system. Omit explanations.

Mar. 2 Purchased $900 of merchandise on credit, terms n/30.
6 Returned $150 of the items purchased on March 2.
8 Paid freight charges of $50 on the items purchased March 2.
16 Sold merchandise on credit for $1,200, terms n/15. The merchandise had a cost in inventory of $750.
17 Of the merchandise sold on March 16, $100 of it was returned. The items had cost Sandy's $30.
25 Received payment in full from the customer of March 16.
31 Paid for the merchandise purchased on March 2.
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  1. Tutorial # 00005021 Posted By: ACCOUNTS_GURU Posted on: 12/12/2013 09:26 PM
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