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Prepare the journal entries to record the transactions

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Reference no: EM132861994

Question - On September 1, Lance's DVD's Store had an inventory of 40 DVD's at a cost of $350 each. During the month of September, the following transactions occurred.

Sept. 4 Purchased 80 DVDs at a cost of $350 each from Lamont DVD's Company, terms 2/10, n/30.

Sept. 6 Sold 35 DVDs to Team Minnesota for $500 each, terms 1/10, n/30.

Sept. 7 Received credit from Lamont DVD's Company for the return of 10 defective DVDs.

Sept. 13 Issued a credit memo to Team Minnesota for the return of 5 defective DVD.

Sept. 14 Paid Lamont DVD's Company in full, less discount.

Required -

A. Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system in the general journal page 3.

B. Prepare the journal entries to record the transactions assuming the company uses a periodic inventory system in the general journal page 4.

Reference no: EM132861994

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