90.2K

Verified Solution

Link Copied!

Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased Inventory on account for $6,400. Freight charges of $1,000 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,300 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,500 was sold for $6,600 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet

Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 1. Specialty Store purchased inventory on account for $6,400. Freight charges of $1,000 were pald in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,300 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,500 was sold for $6,600 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: Hf no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Journal entry worksheet Record the merchandise purchased on account for $6,400. Note: Enter debits before credits. Journal entry worksheet 5 Record the merchandise purchased on account for $6,400. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of freight charges for $1,000. Note: Enter debits before credits. Journal entry worksheet Record the return of merchandise purchased on account costing $1,300. Note: Enter debits before credits. Journal entry worksheet 1 5 Record the sale of merchandise for $6,600 in cash. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold for $3,500. Note: Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer