Doreen Woods owns a small variety store. The following transactions took place during March of the current year. March Transactions: Mar. 3 Purchased merchandise on account from Corner Galleria, $3,190. Paid freight charge on merchandise purchased, $215. Sold merchandise on account to Sonya Specialties, $4,080. The cost of the merchandise was $2,570. 13 18 Received a credit memo from Corner Galleria for merchandise returned, $950. 22 Issued a credit memo to Sonya Specialties for merchandise returned, $520. The cost of the merchandise was $250. Required: Journalize the transactions in a general journal using the perpetual inventory method.

Doreen Woods owns a small variety store. The following transactions took place during March of the current year. March Transactions: Mar. 3 Purchased merchandise on account from Corner Galleria, $3,190. Paid freight charge on merchandise purchased, $215. Sold merchandise on account to Sonya Specialties, $4,080. The cost of the merchandise was $2,570. 13 18 Received a credit memo from Corner Galleria for merchandise returned, $950. 22 Issued a credit memo to Sonya Specialties for merchandise returned, $520. The cost of the merchandise was $250. Required: Journalize the transactions in a general journal using the perpetual inventory method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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