W Assignments Saved Help Save & Exit Subm Check my work John\'s Speciality Store

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W Assignments Saved Help Save & Exit Subm Check my work John's Speciality Store uses s perpetual inventory system. The following are some inventory transactions f Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cosh. s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier 3. Merchandise costing $2,800 was sold for $5,200 in cash. Required Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet ?Prev 1 of 13 Next >

Explanation / Answer

1 Inventory 5000       Accounts Payable 5000 Inventory 300      Cash 300 2 Accounts Payable 600       Inventory 600 3 Cash 5200        Sales Revenue 5200 Cost of Goods Sold 2800       Inventory 2800

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