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Record the series of transactions in the general journal

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The series of following related transactions are between Cozy and Mike, a chain of retail clothing stores. Both the stores finds appropriate to use perpetual inventory system.

Oct 12 Cozy sold Mike 200 pairs of pants of account, terms 1/10, n/30. The cost of these pants to Cozy was Rs. 30 per pair and the sales price was Rs. 60 per pair.

Oct 15 United Express charged Rs. 50 to deliver the merchandise to Mike. These charges were split evenly between the buyer and the seller.

Oct 16 Mike returned four pair of pants to Cozy because they were the wrong size. Cozy allowed Mike full credit for this return.

Oct 22 Mike paid the remaining balance due to Cozy within the discounted period.

Required:

Question (i) Record the series of transaction in the general journal format for Cozy.

Question (ii) Record the series of transactions in the general journal format for Mike.

Question (iii) What does it mean by this term "taking physical inventory"?

Reference no: EM132614223

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