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Prepare general journal entries to record the transactions

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Reference no: EM132873484

Boston Computer Sales uses the perpetual inventory system and had the following transactions occur during December:

  1. Dec. 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost cost of $3,500. Purchased merchandise for cash, $720. Purchased merchandise on credit for $2,600, terms 1/20, n/30.
  2. 5 Issued a credit memorandum for $300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of $210.
  3. 11 Received payment for the merchandise sold on December 1.
  4. 15 Received a credit memorandum for the return of defective merchandise purchased on December 4 for $600.
  5. 18 Paid freight charges of $200 for merchandise ordered last month that were shipped F.O.B. Shipping Point.
  6. 23 Paid for the merchandise purchased on December 4 less the return.
  7. 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items sold had a cost cost of $4,900.
  8. 31 Received payment for the merchandise sold on December 24.

Required:

Problem 1: Prepare general journal entries to record the above transactions.

Reference no: EM132873484

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