Reference no: EM131258207
The following events pertain to Happy Acres Garden Shop for October 2013. The company uses the perpetual inventory method. Record the following transactions in general journal form.
1) Oct. 1 Issued $30,000 of common stock to investors.
2) Oct. 2 Purchased $25,000 of merchandise on account with the terms 2/10, n/30.
3) Oct. 3 Sold merchandise that cost $18,000 for $34,000 on account with the terms 1/10, n/30.
4) Oct. 4 Returned $2,500 of defective merchandise from the Oct. 2 purchase.
5) Oct. 5 Paid freight of $200 on goods sold to customers shipped FOB destination.
6) Oct.10 Paid the amount due on the merchandise purchased on Oct. 2.
7) Oct.12 Received cash from customers in settlement of the Oct. 3 sale.
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