repare the following entries in NEAT& PeriodicDetek CORRECT general journal form

Question

repare the following entries in NEAT& PeriodicDetek CORRECT general journal format. Omit descrip -Perpetual Debit Credt Record a $750 sale of items to a customer on account. The i tems cost your company $200 #1 of i ems to your store were S75 tems #2 Customer returns a cash purchased iterm for $100, plus $7 Sales Tax. The item cost your company $30 #3 12 Pay a vendor's $800 invoice within the 10-day grace period. Terms were 2/10.net 30. There was no Sales Tax his $2,500 invoice within your 5-day grace period. Terms were 3/5 net 45. There was no Sales Tax #5 If necessary, label and show your calculations below:

Explanation / Answer

1. Record $750 sale of items to customer on account. The items cost your co. $200

2. Record $5000 cash purchase of inventory shipping costs $75

3. Customer returns a cash purchase item for $100 plus sales tax $7. The item cost is $30

4. Pay a vendor $800 invoice - 10 days grace. term 2/10 net 30.

5. Customer pays his $2500 invoic within your 5 days grace period. Term were 3/5, net 45.

Periodic Perpectual S.No. Particulars Dr. ($) Cr. ($) Particulars Dr. ($) Cr. ($) 1. Accounts Receivable A/c Dr. 750 Accounts Receivable A/c Dr. 750 To Sales 750 To Sales 750 2. No Entry Cost of goods sold A/c Dr. 200 To Inventory 200

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