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Category > Accounting Posted 12 Aug 2017 My Price 6.00

Ceres computer

Ceres computer sales uses the perpetual inventory system and had the following transactions during December. Answers will vary.

 

Dec. 1 Ceres SOLD merchandise to ABC, Inc. on credit for $8,000, terms 2/15, n/45. The items sold had a cost of $2,500.

Dec. 6 Ceres PURCHASED merchandise from Jones, Inc. on credit for $5,000, terms 2/10, n/30.

Dec. 7 ABC, Inc. returned $800 of goods purchased on Dec 1. (original cost of the goods to ABC is $250).

Dec. 11 ABC, Inc. pays amount owed from purchase on Dec. 1 (within discount period).

Dec. 12 Ceres receives an allowance of $300 for goods purchased on Dec. 6.

Dec. 14 Ceres pays for goods purchased on Dec. 6 (within discount period).

 

What would the general journal entries look like for this transactions?

Answers

Maurice Tutor
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Status NEW Posted 12 Aug 2017 02:08 PM My Price 6.00

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