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3. Recording purchases and sales of inventory Presented here are selected transactions for the Leiss...

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Accounting

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3. Recording purchases and sales of inventory Presented here are selected transactions for the Leiss Company during April. Leiss uses the perpetual inventory system. April 1 Sold merchandise to Mann Company for $4,000, terms 2/10, n/30. The merchandise sold had a cost of $2,500. 2 Purchased merchandise from Wild Corporation for $8,000, terms 1/10, n/30. 4 Purchased merchandise from Ryan Company for $1,000, n/30. 10 Received payment from Mann Company for purchase of April 1 less appropriate discount. 11 Paid Wild Corporation for April 2 purchase. Instructions Journalize the April transactions for Leiss Company

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