Journalizing purchase and sale transactions—perpetual inventory Consider the following transactions that occurred in September 2012 for Aquamarines, Inc.
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Sep 3 |
Purchased inventory on terms 1/15, n/eom, $5,000. |
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4 |
Purchased inventory for cash of $1,700. |
|
6 |
Returned $500 of inventory from September 4 purchase. |
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8 |
Sold goods on terms of 2/15, n/35 of $6,000 that cost $2,640. |
|
10 |
Paid for goods purchased September 3. |
|
12 |
Received goods from September 8 sale of $400 that cost $160. |
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23 |
Received payment from September 8 customer. |
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25 |
Sold goods to Smithsons for $1,100 that cost $400. Terms of n/30 |
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|
were offered. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid directly to UPS by Aquamarines, Inc. |
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29 |
Received payment from Smithsons. |
Requirement
1. Journalize September transactions for Aquamarines, Inc. No explanations are required.