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Make General Journal entries to record the perpetual system

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Question - Make General Journal entries to record the following perpetual system merchandising transactions of Spar Group. Use a separate account for each receivable and payable.

Nov 9 Sold merchandise to Cote Corp. for $24,000 under credit terms 2/10, n/30, FOB destination. The merchandise had cost $12,000.

Nov 12 Paid $500 shipping charges related to the November 9 sale to Cote Corp.

Nov 13 Cote Corp returned merchandise from the November 9 sale that had cost $2,500 and been sold for $5,000. The merchandise was restored to inventory.

Nov 19 Received the balance due from Cote Corp for the November 9 sale.

Reference no: EM132614411

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