Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April Purchased merchandise from Cullumber Ltd. for $29,680, terms n/30, FOB shipping point. The appropriate company paid freight costs of $742 on the merchandise purchased on April 3. Purchased supplies on account for $5,300. Returned merchandise to Cullumber and received a credit of $3,710. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Cullumber in full. 3 6 7 8 Record the above transactions in Ivanhoe's books. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record iournal entries in the order presented in the problem!

Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April Purchased merchandise from Cullumber Ltd. for $29,680, terms n/30, FOB shipping point. The appropriate company paid freight costs of $742 on the merchandise purchased on April 3. Purchased supplies on account for $5,300. Returned merchandise to Cullumber and received a credit of $3,710. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Cullumber in full. 3 6 7 8 Record the above transactions in Ivanhoe's books. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record iournal entries in the order presented in the problem!

Name: nit.3 Ivanhoe Corp. uses a perpetual inventory system. The company had
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Description: nit.3 Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:April3678Purchased merchandise from Cullumber Ltd. for $29,680, terms n/30, FOB shipping point.The appropriate company paid freight c

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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