Merchandising transactions perpetual inventory system

Assignment Help Accounting Basics

Reference no: EM13604976

Merchandising Transactions: Perpetual Inventory System Record in T account form the Sarah Company engaged in the following transactions in July 2010:
July 1 Sole merchandise to Tobom Company on credit, terms n/30, FOB shipping Point, $2,100 (cost, 1,260).

3 Purchased merchandise on credit from VP Company, terms n/30, FOB Shipping point $3,800.

5 Paid Speed Freight for freight charges on merchandise received, $290

8 Purchased merchandise on credit on credit from Expo Supply Company, terms n/30, FOB shipping point, $3,600, which includes $200 freight cost Paid by Expo Supply Company.

12 Returned some of the merchandise purchased on July 3 for credit, $600 15 Sole merchandise on credit to Tom Gogas, terms n/30, FOB shipping point, $1,200(cost, $720).

17 Sole merchandise for cash, $1,000 (cost, $600) 18 Accepted for full credit a return from Chi Bong and returned merchandise to Inventory, $200 (cost, $120).

24 Paid Angel VP Company for purchase of July 1 purchase less return Of July 12.

35 Received the check from Chi Bong for July purchase less the return on July

Required:
1. Prepare entries in journal form to record the transactions, assuming use of the perpetual inventory system.
2. Most Companies call the first line of the income statement net sales. Other r companies call it sales. Do you think these teams are equivalent and comparable? What would the content of net sales? Why might a company use sales instead of net sales?

Reference no: EM13604976

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