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Category > Management Posted 04 Dec 2017 My Price 7.00

CSI Systems

Journalize the following merchandising transactions for CSI Systems assuming it uses a perpetual inventory system.

 

1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with terms of 2y5, ny30, FOB shipping point; invoice dated November 1.

2. On November 5, CSI Systems pays cash for the November 1 purchase.

3. On November 7, CSI Systems discovers and returns $100 of defective merchandise purchased on November 1 for a cash refund.

4. On November 10, CSI Systems pays $80 cash for transportation costs with the November 1 purchase.

5. On November 13, CSI Systems sells merchandise for $1,500 on credit. The cost of the merchandise is $750.

6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $200 and cost $100.

 

Answers

Maurice Tutor
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Status NEW Posted 04 Dec 2017 09:12 PM My Price 7.00

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