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Record the Following Transactions for Sparky's Pet Shop Using the General

Question 208

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Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries.?  Date                                                       Transaction  Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10,n/30.3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the  merchandise was $4,000.10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of  the merchandise was $200.11 Paid for the merchandise purchased on August 1, less return. 20 Received payment from sale of August 10. The customer took the discount. \begin{array} { | c | l | } \hline \textbf { Date } & ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~{ \textbf { Transaction } } \\\hline \text { Aug. } 1 & \text { Purchased } \$ 6,000 \text { of merchandise on account, terms } 2 / 10 , \mathrm { n } / 30 . \\\hline 3 & \text { Returned } \$ 1,500 \text { of merchandise purchased on August } 1 \text { due to defects. } \\\hline 7 & \begin{array} { l } \text { Recorded cash sales for the first week of August, } \$ 9,750 ; \text { cost of the } \\\text { merchandise was } \$ 4,000 .\end{array} \\\hline 10 & \begin{array} { l } \text { Made sale on account to a local breeder for } \$ 500 , \text { terms } 1 / 10 , \text { net } 30 ; \text { cost of } \\\text { the merchandise was } \$ 200 .\end{array} \\\hline 11 & \text { Paid for the merchandise purchased on August } 1 , \text { less return. } \\\hline 20 & \text { Received payment from sale of August } 10 . \text { The customer took the discount. } \\\hline\end{array}

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