MRH Book Store entered into the transactions listed below. In the journal provided, prepare MRH’s necessary entries, assuming use of the perpetual inventory system.
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July 6 |
Purchased RM2,900 of merchandise on credit, terms n/30. |
|
8 |
Returned RM200 of the items purchased on July 6. |
|
9 |
Paid freight charges of RM90 on the items purchased July 6. |
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19 |
Sold merchandise on credit for RM3,000, terms 1/10, n/30. The merchandise sold had a cost of RM1,700. |
|
22 |
Of the merchandise sold on July 19, RM200 of it was returned. The items had cost the store RM100. |
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28 |
Received payment in full from the customer of July 19. |
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31 |
Paid for the merchandise purchased on July 6. |