Record merchandising transaction perpetual inventory system.( LOI,2)
Discount Wines Inc. had a beginning inventory balance of $85,450 and engaged in the following transactions during the month of October.
October 2 Purchased $15,000 of merchandise inventory on account from Joe’s Winery with terms 2/10, nl30 and FOB destination. Freight costs for this purchase were $750.
October 5 Returned $ 100 of damaged merchandise to Joe’s October6 Sold $18,000 of merchandise to Tasty Catering Service on account, terms2 115,n /30 and FOB shipping point. Freight costs were $155.
The cost of the inventory sold was $10,500.
October l0 Paid the amount owed to Joe’s
October 10 Discount granted Tasty an allowance on the October 6 sale of $200 for some soured wine.
October 23 Received payment from Tasty
October 29 Paid sales salaries of $1, 500
October 31 Paid the rent on the ware house of $1,450
Enter each of the transactions for Discount Wines Inc. into the accounting equation, assuming they use a perpetual inventory system.
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