ment Exer eBook Video Calculator Instructions General Journal ournal Entries-Per

Question

ment Exer eBook Video Calculator Instructions General Journal ournal Entries-Perpetual Inventory 1. Journalize the transactions in a general journal using the perpetual inventory method. If an amount box does not require an entry, leave it lank Joan Ziemba owns a small variety store. The following transactions took place during March of the current year. Mar. 3 Purchased merchandise on account from City Galleria, $3,070 7 Paid freight charge on merchandise purchased $250 13 Sold merchandise on account to Amber Specialties, $3,430. The cost of the merchandise was $2,300 18 Received a credit memo from City Galleria for merchandise returned $540 22 Issued a credit memo to Amber Specialties for merchandise returned, $630. The cost of the merchandise was $280. )

Explanation / Answer

Journal entry :

No Date Accounts & explanation debit credit 1 Mar 3 Merchandise inventory 3070 Account payable 3070 2 Mar 7 Merchandise inventory 250 Cash 250 3 Mar 13 Account receivable 3430 Sale revenue 3430 Cost of goods sold 2300 Merchandise inventory 2300 4 Mar 18 Account payable 640   Merchandise inventory 640 5 Mar 22 Sales return and allowance 630 Account receivable 630 Merchandise inventory 280 Cost of goods sold 280

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