Reference no: EM133088134
Question - The following transactions were selected from the records of Kramerica Industries Ltd ("Kramerica").
Aug 9 Sold merchandise to Willard's Wizards at a selling price of $5.400 on terms 3/10, N/30. The goods cost Kramerica $4,200.
Aug 10 Willard's Wizards returned product for a credit on their account of $1.200. The product was deemed not to be defective and returned into inventory. The returned product's cost to Kramerica was $930.
Aug 15 Purchased goods for $4,400 from Jackie Chiles Ltd on terms 2/10, N/30
Aug 17 Returned goods costing $600 to Jackie Chiles Ltd. for full credit.
Aug 19 Collected payment from Sacamano Ceiling for the August 9 sale.
Sep 15 Paid Jackie Chiles Ltd. in full.
Required - Prepare journal entries to record the transactions, assuming Krameria Industries Ltd. uses a perpetual inventory system. Omit journal entry explanations.
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