A company has the following transactions during March:
Record all transactions, assuming the company uses a perpetual inventory system.

Name: A company has the following transactions during March: Record all transactions, assuming the company uses a perpetual inventory system.
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Question

A company has the following transactions during March: 
 Record all transactions, assuming the company uses a perpetual inventory system.

Quizplus · Accepted Answer

Purchase discount = ($3,500 - $500) $\times$ 2% = $60.
Cost of good sold = $3,500 (purchase) + $200 (freight-in) - $500 (return) - $60 (discount) = $3,140.

A Company Has the Following Transactions During March