Reference no: EM132785492
Merchandise Transactions
Maeve's Store had the following transactions during December, the last month of the accounting period:
Dec 1 Sold merchandise on credit for $7,000, cost $3,000, terms 1/10, n/30.
Dec 3 Purchased merchandise for cash, $1,900.
Dec 4 Purchased merchandise on credit for $5,600, terms 2/10, n/30.
Dec 5 Issued a credit memorandum for $600 to a customer who returned merchandise purchased November 29, cost $400.
Dec 11 Received payment for merchandise sold December 1.
Dec 15 Received a credit memorandum for $600 for the return of faulty merchandise purchased on December 4.
Dec 18 Paid freight charges of $50 for merchandise ordered last month.
Dec 23 Paid for the merchandise purchased December 4 less merchandise returned.
Required:
Problem 1: Prepare general journal entries to record these transactions, using a perpetual inventory system.
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