19. A company has the following transactions during March: Purchases inventory on account for $3,500, terms 2/10, n/30. Pays freight costs of $200 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 3 March 5 March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account. Record all transactions, including the month-end adjustment to cost of goods sold, assuming the company uses a periodic inventory system and has no beginning inventory.

19. A company has the following transactions during March: Purchases inventory on account for $3,500, terms 2/10, n/30. Pays freight costs of $200 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 3 March 5 March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account. Record all transactions, including the month-end adjustment to cost of goods sold, assuming the company uses a periodic inventory system and has no beginning inventory.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...

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