Reference no: EM132917723
Question - Preparing journal entries-perpetual system -
1. On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.
2. On November 5, Al Ain Systems pays cash for the November 1 purchase.
3. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund.
4. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1 purchase.
5. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchandise is $800.
6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory.
Required - Journalize the above merchandising transactions for Al Ain Systems assuming it uses a perpetual inventory system.
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