Prepare journal entries to record the followingtransactions for a retail store.
ID: 2434080 • Letter: P
Question
Prepare journal entries to record the followingtransactions for a retail store. Assume a perpetual inventory system. (Round your answers to the nearestdollar amount. Omit the "$" sign in your response.)
Purchased merchandise from Johns Company under the following terms: $5,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
Apr. 2Purchased merchandise from Johns Company under the following terms: $5,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
3 Paid $314 for shipping charges on the April 2 purchase. 4 ReturnedExplanation / Answer
Question 6 can't be view 7) Sales 28,100 Cost of goodssold BeginningInventory 2,894 TotalPurchases 10,129 EndingInventory 3,094 Cost of GoodSold 9,929 GrossProfit 18,171 Expenses 6,100 NetIncome(Loss) 12,071
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