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October 24, 2014

Homework Help: accounting

Posted by Marty on Sunday, November 28, 2010 at 7:03pm.

John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009.
John's purchased merchandise on account for $5,000. FREIGHT CHARGE OF $300 WERE PAID IN CASH.
JOHN'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.
MERCHANDISE COSTING $2,800 WAS SOLD FOR $5,200 IN CSH.

PLEASE HELP ME PREPARE THE NECESSARY JOURNAL ENTRIES TO RECORD THESE TRANSACTIONS.

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