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Question - Perpetual System-Recording Inventory

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Reference no: EM133011312

Question - Perpetual System-Recording Inventory Related Entries using the Gross Method

Columbus Music Inc. maintains a perpetual inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020, for its major inventory line.

Prepare journal entries for transactions a through e.

Note: Round you answers to the nearest whole dollar.

a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30.

b. Paid cash of $144 for freight charges on March 1, 2020, related to the purchase.

c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor.

d. Paid the balance due to the vendor on March 8, 2020.

e. Sold merchandise inventory on March 15, 2020, for $9,000 with a cost of $6,000.

Reference no: EM133011312

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