Reference no: EM132960247

Question - JF Company had the following transactions during December, the last month of the accounting period: Dec 1 Sold merchandise on credit for $9,000, cost $6,000 terms 1/10, n/30. Dec 3 Purchased merchandise for cash, $1,350. Dec 4 Purchased merchandise on credit for $6,900, terms 2/10, n/30. Dec 5 Issued a credit memorandum for $750 to a customer who returned merchandise purchase November 29, cost $450. Dec 11 Received payment for merchandise sold December 1. Dec 15 Received a credit memorandum for $750 for the return of faulty merchandise purchased on December 4. Dec 18 Paid freight charges of $150 for merchandise ordered last month. Dec 23 Paid for the merchandise purchased December 4 less merchandise returned. Dec 24 Sold merchandise on credit for $12,000, terms 1/10 n/30, cost $9,750. Dec 31 Received payment for merchandise sold on December 24. REQUIRED: Prepare general journal entries to record these transactions using a perpetual inventory system. There is a General Journal template provided that you can use to answer this question. You can omit explanations but show any required caculations.