Posted by Marty on .
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.
Please do no use capital letters for 2 reasons. In computer language it is consdred as rude as shouting and most teachers won't read it because it is harder to read.
Here ar some journal entry tutorials: