ACC 101 Lecture 8: Chapter 5 - ACC
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28 Jan 2019
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Assume Andersonâs General Store bought, on credit, a truckloadof merchandise from American Wholesaling costing $29,000. If thecompany was charged $710 in transportation cost by NationalTrucking, immediately returned goods to American Wholesalingcosting $1,800, and then took advantage of American Wholesalingâs3/10, n/30 purchase discount.
Prepare journal entries to record the inventory transactions,assuming Andersonâs uses a perpetual inventory system. (Ifno entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.) |