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.