Rabbit Warehouse is a small retail business that specializes in the sale of toy cars....
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Accounting
Rabbit Warehouse is a small retail business that specializes in the sale of toy cars. This year, the store has begun to carry the remote-controlled manufactured by P.Ramly Co. The company uses perpetual inventory system (FIFO method of valuation) and gross invoice method to record purchases and sales of merchandise. Thus far, Rabbit Company has recorded the following transactions: Dec 5 Purchased 8 units at a unit cost of $ 400 on account from Thomas Ching with term 2/10. n/30. 8 Purchased 5 additional units for $7 250 on account from Huawei Inc. with term of 2/15, n/30. 10 Sold 9 units to the O & G Hotel for $15,300 on term of 3/15, net/30. 21 Paid Thomas Ching and Huawei Inc. 22 Received from O & G Hotel. Required: Record the transactions for the month in the journal
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