Answer Happy

Problem #12 Using the perpetual inventory system, journalize the entries for the following transactions: a) Sold merchandise on account for $12,000, terms 1/10, n/30. The cost of the merchandise sold was $6,500. b) Sold merchandise on account for $9,500 to customers who used a VISA card. The cost of the merchandise sold was $5,300. c) The customer in a) returned merchandise which was sold for $1,000 and that we had purchased for $780. d) Purchased merchandise on account for $8,500, credit terms 1/15, n 45, FOB destination. The appropriate company paid the Freight costs of $500. Account Name Debit Credit (a) (b) (c) (d)