1.179 Leo Corporation uses the perpetual inventory system and began business on April 1. During the month Leo made inventory purchases of $84,700 on terms of 2/10, n/30. Leo returned $3,500 worth of goods during the month. Leo made all payments in time to take advantage of the offered cash discounts during the month. Leo sold inventory on account with a value of $71,350 and a markup of 30% on the cost. These were the only inventory transactions during the month. Prepare the journal entries related to: the purchase of goods. the return of goods. payment for the goods. sale of goods.

Ma3. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the   company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from   the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?

Described below are certain transactions of Sandhill Corporation. The company uses the periodic inventory system. 1. 2. 3. On February 2, the corporation purchased goods from Martinez Company for $73,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $55,000 from Blossom Motors Company, paying $3,000 in cash and signing a 1- year, 12% note for the balance of the purchase price. On May 1, the corporation borrowed $86,000 from Chicago National Bank by signing a $94,640 zero interest bearing note due 1 year from May 1. (a) Your answer is correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered.…

am. 121.