A company has the following transactions during March: March ...
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Accounting
A company has the following transactions during March:
| March | 3 | Purchases inventory on account for $3,600, terms 2/10, n/30. | ||
| March | 5 | Pays freight costs of $300 on inventory purchased on March 3. | ||
| March | 6 | Returns inventory with a cost of $500. | ||
| March | 12 | Pays the full amount due on March 3 purchase. | ||
| March | 29 | Sells all inventory purchased on March 3 (less those returned on March 6) for $5,300 on account. |
Record all transactions, assuming the company uses a perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet
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