Reference no: EM131797601
Problem
Following are the merchandising transactions for Chilton Systems.
1. On November 1, Chilton Systems purchases merchandise for $2,900 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.
2. On November 5, Chilton Systems pays cash for the November 1 purchase.
3. On November 7, Chilton Systems discovers and returns $175 of defective merchandise purchased on November 1 for a cash refund.
4. On November 10, Chilton Systems pays $145 cash for transportation costs with the November 1 purchase.
5. On November 13, Chilton Systems sells merchandise for $3,132 on credit. The cost of the merchandise is $1,566.
6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $250 and cost $125; the items were not damaged and were returned to inventory.
Journalize the above merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system.
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