Joe owns an auto parts store called Joe's Auto Care.The following transactions took place during July of the current year.
July 8 Purchased merchandise on account from Wheeler Auto for $6,000
July 10 Paid freight charges of $400 on merchandise purchases on the 8^th.
July 12 Sold merchandise on account to Lancaster Auto Sales for $5,500.
The cost of the merchandise was $3,500
July 16 Received a credit memo from Wheeler for merchandise returned,$900
July 22 Issued a credit memo to Lancaster Auto Sales for merchandise returned,$1,000.
The cost of the merchandise is $550.
Journalize the above transactions using the perpetual inventory system.

Question

Quizplus · Accepted Answer

The Answer of Joe owns an auto parts store called Joe's Auto Care.The following transactions took place during July of the current year. July 8 Purchased merchandise on account from Wheeler Auto for $6,000 July 10 Paid freight charges of $400 on merchandise purchases on the 8^th. July 12 Sold merchandise on account to Lancaster Auto Sales for $5,500. The cost of the merchandise was $3,500 July 16 Received a credit memo from Wheeler for merchandise returned,$900 July 22 Issued a credit memo to Lancaster Auto Sales for merchandise returned,$1,000. The cost of the merchandise is $550. Journalize the above transactions using the perpetual inventory system.

Joe Owns an Auto Parts Store Called Joe's Auto Care