Z-Mart had the following transactions for October 202x: Oct 6........ Purchased 650 units of...
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Accounting
Z-Mart had the following transactions for October 202x:
Oct 6........ Purchased 650 units of inventory at $1 per unit; terms 2/10, n/30.
8........ Returned 50 defective units and received full credit.
10........ Paid the amount in full, less the returned items.
11........ Sold 100 units to a customer for $1.75 each; terms 1/5, n20.
16........ The customer from October 11th paid the bill.
Required: Prepare journal entries to record each of the preceding transactions. Assume a perpetual inventory system. Note: Round amounts to the nearest cent when applicable.
use the format below as a sample
GENERAL JOURNAL
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