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Present the journal entries that abc company should record

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ABC Company a trendy clothing retailer has the following transactions in March 2 March 3 March 4 March 17

Required:

Purchased merchandise from XYZ Company under the following terms: $1800 invoice price, 2/15, n/60 FOB factory (the cost of the merchandise to XYZ Company was $990

Paid UPS Shipping Company $125 for the shipping charges on the purchase of March 2

Returned to XYZ Company unacceptable merchandise that had an invoice price of $300 (and a cost to XYZ Company of $165). XYZ returned the merchandise to inventory

Sent a cheque to XYZ Company for the March 2 purchase, net of discount and the returned merchandise.

Question 1: Assuming ABC Company uses a perpetual inventory system, present the journal entries that ABC Company should record for these transctions

Reference no: EM132580590

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