On november 16 the customer returns merchandise from the

Reference no: EM13587047

Following are the merchandising transactions for Q Systems.

1. On November 1, Q Systems purchases merchandise for $1500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.

2. On November 5, Q Systems pays cash for the November 1 purchase.

3. On November 7, Q Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund.

4. On November 10, Q Systems pays $90 cash for transportation cost with November 1 on purchase.

5. On Novermber 13, Q Systems sell merchandise for $1600 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 would sell for $300 and cost $130; the items were not damaged and were returned to inventory.

Journalize the above merchandising transactions for Q Systems assuming it uses a perpetual inventory system.

Reference no: EM13587047

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