FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Journal Entries-Perpetual Inventory
Instructions
Chart of Accounts
General Journal
Instructions
Doreen Woods owns a small variety store. The following transactions took place during March of the current year.
March Transactions:
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.
Mar.
7
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.
%3D
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Transcribed Image Text:eВook Show Me How Print Item Journal Entries-Perpetual Inventory Instructions Chart of Accounts General Journal Instructions Doreen Woods owns a small variety store. The following transactions took place during March of the current year. March Transactions: 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. Mar. 7 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. %3D
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