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a) Prepare the necessary journal entries to record the following transactions, assuming Hewitt Company uses...

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Accounting

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a) Prepare the necessary journal entries to record the following transactions, assuming Hewitt Company uses a perpetual inventory system i. Purchased $35,000 of merchandise on account, terms 2/10, n/30. i. Retuned 3300 of damaged merchandise for credit Si . Paid for the merchandise purchased within 10 days Selution (3 marks) Account Title Dr Cr No. In poybal Page 4 of EXERCISE 2 On September 1, XBM had an inventory of 15 bags at a cost of S40 each. The company uses a perpetual inventory system. During September, the tollgwing transactions and events occurred. Sept. 4 Purchased 70 bags at $40 each from HTR, terms 210.n30. Sept. 6 Received credit of $240 for the retun of 6 bags purchased on Sept. 4 that were defective. Sept. 9 Sold 40 bags for $60 each to OBS, terms 2/10, N30 Sept. 13 Sold 15 bags for $60 each to HOS, terms n/30. Sept. 14 Paid HTR in full, less discount. Instructions Journalize the September transactions for XBM. Credit Answer: Debit

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