Total
TASKS:
1. Record the following 2017 transactions, based on a perpetual merchandise inventory system:
OCT 7 Purchased $31,200 of merchandise from Shepard Corp. with terms of 1/10,n/30,
FOB shipping point, invoice # 1777.
OCT 13 Sold merchandise with a retail value of $8,400 and a cost of $6,720 to Elite
Corp. with terms of 1/10,n/30, FOB shipping point.
OCT 15 Paid $1,400 for freight charges on the merchandise purchased on OCT 7
OCT 17 Paid Shepard Corp. for the purchase on OCT 7
OCT 22 Received the balance due from Elite Corp.
OCT 26 Sold merchandise with a cost of $9,280 for $11,600 on credit to Hacienda Inc.
NOV 23 Sold merchandise with a cost of $5,120 for $6,400 on credit to Grandview Corp.;
terms of 1/10,n/30
Dec 9 Received the balance due from Grandview Corp. for merchandise sold on NOV. 23
Dec 25 Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Corp.
Dec 30 Sold merchandise with a cost of $2,200 for $4,440 on credit to Decker Corp.
