Business, 07.10.2019 16:20 kris22elizondop9v1bb

John’s specialty store uses a perpetual inventory system. the following are some inventory transactions for the month of may:
(1) john’s purchased merchandise on account for $6,100. freight charges of $850 were paid in cash.
(2) john’s returned some of the merchandise purchased in (1). the cost of the merchandise was $1,150 and john’s account was credited by the supplier.
(3) merchandise costing $3,350 was sold for $6,300 in cash.

prepare the necessary journal entries to record these transactions.

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John’s specialty store uses a perpetual inventory system. the following are some inventory transacti...