Ceres computer sales uses the perpetual inventory system and had the following transactions during December....
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Ceres computer sales uses the perpetual inventory system and had the following transactions during December. Answers will vary. Dec. 1 Ceres SOLD merchandise to ABC, Inc. on credit for $8,000, terms 2/15, n/45. The items sold had a cost of $4,500. Dec. 6 Ceres PURCHASED merchandise from Jones, Inc. on credit for $5,500, terms 2/10, n/30. Dec. 7 ABC, Inc. returned $1000 of goods purchased on Dec 1. (original cost of the goods to ABC is $425). Dec. 11 ABC, Inc. pays amount owed from purchase on Dec. 1 (within discount period). Dec. 12 Ceres receives an allowance of $200 for goods purchased on Dec. 6. Dec. 14 Ceres pays for goods purchased on Dec. 6 (within discount period).
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