Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please use only perpetual inventory system. ma

PLEASE USE ONLY PERPETUAL INVENTORY SYSTEM. Marve's Store had the following...

90.2K

Verified Solution

Question

Accounting

PLEASE USE ONLY PERPETUAL INVENTORY SYSTEM.
image
Marve's Store had the following transactions during December, the last month of the accounting period. Dec 1 Sold merchandise on credit for $7000 Cont33000 torms 170. O 3 Purchased merchandise for cash 4 Purchased merchandise on credit for $5,000, terms 2/10, 1/30 issued a 3600 credit to a customer who returned merchandise 5 purchased November 29, cost $400 11 Received payment for merchandise sold December 1 Received a credit memorandum for $500 for the return of fully 15 merchandise purchased on December 4 18 Paid freight charges of $50 for merchandise ordered last month Paid for the merchandise purchased December 4 loss merchandise 23 returned 24 Sold merchandise on credit for $9.000 terms 1/10 1/30, cost $6,500 31 Received payment for merchandise sold on December 24 Prepare general journal entries to record the transactions on Deceber 1 and 5 ONLY using a perpetual inventory system (7 points)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students