Record merchandising transaction perpetual inventory system.( LO I,2)
Assume the following transactions for Jennifer’s Fix-It-Up Inc. took place during March. Jennifer’s uses a perpetual inventory system. Enter each of the transactions into the accounting equation.
March 3 Purchased televisions from Sanyo on account at a total cost of $650,000, terms 2/10, n/25
March 8 Paid freight of $1,000 on televisions purchased from Sanyo March 16 Returned televisions to Sanyo because they were damaged. Received a credit of $ 1 5,000 from Sanyo.
March22 Sold televisions costing $125,000 for $225,000 to Joe’s Sport’s Bar & Grille on account, terms n/15
March 28 Gave a credit of $2,800 to Joe’s Sport’s Bar & Grille for the return of a television not ordered. Jennifer’s cost was $1,600.
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