Sandy’s Supply Store, Inc., entered into the transactions listed below. In the journal provided, prepare Sandy’s entries, assuming use of the perpetual inventory system. Omit explanations.
Mar. 2 Purchased $900 of merchandise on credit, terms n/30.
6 Returned $150 of the items purchased on March 2.
8 Paid freight charges of $50 on the items purchased March 2.
16 Sold merchandise on credit for $1,200, terms n/15. The merchandise had a cost in inventory of $750.
17 Of the merchandise sold on March 16, $100 of it was returned. The items had cost Sandy’s $30.
25 Received payment in full from the customer of March 16.
31 Paid for the merchandise purchased on March 2. Purchase this Tutorial @ 10.00