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Prepare general journal entries to record transactions

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Reference no: EM131563181

Problem - Transactions

The bank statement and relevant portions of Baldwin Company's cash records for the month ended June 30, 2015 are given on the next page.

Dec. 1 Sold merchandise on credit for $6,000, cost $4,000 terms 1/10, n/30.

Dec. 3 Purchased merchandise for cash. $900.

Dec. 4 Purchased merchandise on credit for $4,600. terms 2/10, n/30.

Dec. 5 Issued a credit memorandum for $500 to a customer who returned merchandise purchased November 29, cost $300.

Dec. 11 Received payment for merchandise sold December 1.

Dec. 15 Received a credit memorandum for $500 for the return of faulty merchandise purchased on December 4.

Dec. 18 Paid freight charges of $100 for merchandise ordered last month.

Dec. 23 Paid for the merchandise purchased December 4 less merchandise returned.

Dec. 24 Sold merchandise on credit for $8,000. terms 1/10 til30, cost $6,500. 31 Received payment for merchandise sold on December 24.

Required: Prepare general journal entries to record these transactions, using a perpetual inventory system.

Reference no: EM131563181

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