eBook Review the following situations and record any necessary journal entries for Mequons Boutique. ...
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Review the following situations and record any necessary journal entries for Mequons Boutique.
| May 10 | Mequons Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120 cash. Terms of the purchase are FOB Shipping Point. |
| May 14 | Mequons Boutique sells $3,500 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequons of $1,700. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. |
If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
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You can see the logs in the Dashboard.