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Make journal entries to record each of preceding transaction

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Reference no: EM132957240

Donna's Beauty Salon had the following transactions for July:

July 9: Purchased 625 units of inventory at $6 per unit. The seller offered a cash discount of 2/10, n/30.

July 10: Returned 30 defective units and received full credit.

July 18: Paid the amount in full, less the returned items.

Instructions:

Problem 1: Prepare journal entries to record each of the preceding transactions. Assume a perpetual inventory system.

Reference no: EM132957240

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