Please Answer it Appropriately. Thank You... The followings are the merchandise transactions happened...
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Please Answer it Appropriately. Thank You...
The followings are the merchandise transactions happened under perpetual inventory system: 1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is $3200. Terms 2/5,n/15 FOB 2) Nov 1 Business purchased $5,250 of inventory from TTC's Inc. Terms 3/10,n/20 FOB 3) Nov2 Business paid delviery $450 for the inventory sales to Tim's Inc. 4) Nov3 Business purchased $3310 of inventory from LGC's Inc. paid in cash 5) Nov4, Business issued a debit memo to TTC's Inc. and returned defective $525 inventory back to TTC's Inc. 6) Nov6 Business Received Tim's Inc's money. 7) Nov9 business sold inventory $7730 (cost $2,350 ) to TST's Ltd, Terms: 1/5, n/10, FOB 8) Nov11 Business paid the TTC's Inc. in full. 9) Nov30 Received TST's Ltd money in full Please make entries for the above transactions. If there is any calculation related entry, please also show the detailed calculations
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