ABC Company had the following transactions during May: May 5 Purchased $2,700 of merchandise on account, terms 3/15 n/60, FOB shipping point. 9 Paid transportation cost on the May 5 purchase, $250. 10 Returned $400 of defective merchandise purchased on May 5. 15 Paid for the May 5 purchase, less the return and the discount. Required: Assuming the perpetual inventory

Sep 8, 2023

  1. ABC Company had the following transactions during May:
  2. May 5 Purchased $2,700 of merchandise on account, terms 3/15 n/60, FOB shipping point.
  3.         9 Paid transportation cost on the May 5 purchase, $250.
  4.      10 Returned $400 of defective merchandise purchased on May 5.
  5.      15 Paid for the May 5 purchase, less the return and the discount.
  6. Required:
  7. Assuming the perpetual inventory system is used, prepare the journal entries to record the above transactions.

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