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Use the following information to answer Q6a & b. Cisco Inc uses the perpetual inventory...

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Accounting

Use the following information to answer Q6a & b.

Cisco Inc uses the perpetual inventory system and had the following transactions during December.

Dec. 1

Sold merchandise on credit for $5,000, terms 3/10, n/30 to GR Inc. The merchandise cost $3,000.

Dec. 5

GR Inc, returned $500 of the items purchased on Dec. 1

Dec. 8

Cisco gives GR Inc. an allowance of $100 for faulty merchandise purchased Dec.1

Dec. 9

GR pays in full for the merchandise purchased on Dec. 1

6a. Journalize the transactions [2 marks]

Date

Dr.

Cr.

Dec. 1

6b. Complete a partial income statement for Cisco [1 mark]

Partial Income Statement

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