ACCT1100 Principles of Accounting 1 (Online) Suppose you are being interviewed for a bookkeeping job...
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ACCT1100 Principles of Accounting 1 (Online) Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual inventory system. The employer feels that the only way to determine whether or not the person being interviewed actually understands how to record transactions, to ask them to provide an example showing the accounts (no amounts necessary) that would be debited and credited for the following: 1. Purchase merchandise inventory on account. 2. Sale of goods on account 3. Return of part of the merchandise purchased in 1. above to the supplier. 4. Payment to supplier, taking advantage of the discount that was offered. 5. Return of goods by customer for credit. 6. Payment received from customer, taking advantage of discount that was offered. Required: List the transaction number 1. etc... and the accounts to be debited and credited in the journal entry
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