Reference no: EM132762073
Question - The following transactions took place during the month of January, 2019 (the first month of the fiscal year). Prepare the journal entries assuming a perpetual inventory system:
Jan 2 - Purchased $5,000 in Merchandise Inventory from Supplier "A"; terms 2/20, n/30, FOB Shipping Point. Shipping costs of $200 were paid by the appropriate party.
Jan 5 - Purchased $2,000 in Merchandise Inventory from Supplier "B"; terms 1/10, n/30, FOB Destination. Shipping costs of $100 were paid by the appropriate party.
Jan 12 - Sold Merchandise to Customer "A" on credit for $9,000; terms 2/10, n/30, FOB Shipping Point. Shipping costs of $150 were paid by the appropriate party. Our cost of sales for this transaction was $5,800.
Jan 17 - Paid Supplier "A" for outstanding balance from Jan 2 Purchase.
Jan 18 - Returned Merchandise Inventory to Supplier "B" as it was not per specifications. The supplier agreed to accept the returned goods and reduce your outstanding invoice by $200.
Jan 19 - Paid Supplier "B" for outstanding balance from Jan 5 Purchase.
Jan 21 - Collected full payment from Customer "A" for sale on Jan 12.
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