Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
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Accounting
Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,100. Freight charges of $350 were paid in cash. 2. Speciality Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $650 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field
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