Solution-Johns account was credited by the supplier

Johns account was credited by the supplier

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Reference no: EM131000988

John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2011:

1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.

2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier.

3. Merchandise costing $2,800 was sold for $5,200 in cash.

Required:

Prepare the necessary journal entries to record these transactions.

Reference no: EM131000988

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Johns account was credited by the supplier

Reference no: EM131000988

Reference no: EM131000988

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