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How to create journal entries to record the transactions

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Reference no: EM132742889

Boucher Corporation uses the perpetual inventory system. Its transactions during June 2019 are as follows:

  1. June 1 Boucher purchased $1,200 of merchandise inventory from a supplier for terms 1/10, n 60.
  2. Boucher sold all of the inventory purchased on June 1 for $1,500 on credit to Wright Inc. for terms 2/10, net 30.
  3. Wright returned $800 of defective merchandise purchased June 3 (cost to Boucher: $600).
  4. Boucher received payment from Wright Inc. for the balance owed

Required:

Problem 1: Prepare journal entries to record the above transactions. Include general ledger account numbers and brief descriptions.

Reference no: EM132742889

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