Reference no: EM132723796

Problem 1: Journalize each of the following transactions assuming a perpetual Inventory system (Purchase Transactions)

Feb 1 Purchased $17,000 of merchandise inventory : terms 1/10, n/30.
5 Purchased for cash $8,200 of merchandise inventory.
6. Purchased $22,000 of merchandise inventory: terms 2/15, n/45
9. Purchased $1,900 of office supplies: terms n/15
10. Contacted a major supplier to place an order for $200,000 of merchandise in exchange
For a 30% trade discount to be shipped on April 1 FOB destination.
11. Paid for the merchandise purchased on February 1.
24. Paid for the office supplies purchased on February 9.