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Prepare the journal entries under perpetual inventory system

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Question - On November 1, Runner Store had an inventory of 30 scooters at a cost of $200 each. In that month the following transactions occurred-

Nov 4. Purchased 40 scooters at a cost of $200 each from Hudson Company, terms 2/10, n/30.

Nov 6 Sold 20 scooters to Zaika store for $350 each, terms 2/10, n/30.

Nov 7 Received credit from Hudson Company for the return of 2 defective scoorters.

Nov 13 Issued a credit slip to Zaika store for the return of a defective scooters.

Nov 14 Paid Hudson Company in full, less discount.

Required - Prepare the journal entries under perpetual inventory system for Runner Store.

Reference no: EM132795870

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