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The transactions for Accustart Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system.
Feb.2 - Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Accustart $765.Feb 4 - Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Accustart $84 and they were returned to inventory.Feb 5 - Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Accustart $495.Feb 8 - Sold $838 of merchandise to Michael Collins for cash. The goods had cost Accustart $618.Feb 10 - Sold $922 of merchandise to Rafik Kurji account, terms n/30. The goods had cost Accustart $674.Feb 22 - Dong Corporation paid its account in full.Feb 24 - Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Accustart $410.Feb 27 - Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Accustart $1,113.Feb 28 - Andrew Noren paid $1,006 on account.
PROBLEM 1: Prepare the journal entries to record each of the above transactions.
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