Using the Perpetual Inventory System,journalize the Entries for the Following

question 113

Essay

Using the perpetual inventory system,journalize the entries for the following selected transactions:
a Sold merchandise on account for $12,000,terms n/30.The cost of the merchandise sold was $6,500.
b Sold merchandise to customers who used MasterCard and VISA,$9,500.The cost of the merchandise sold was $5,300.
c Sold merchandise to customers who used American Express,$2,900.The cost of the merchandise sold was $1,700.
d Paid an invoice from First National Bank for $385,representing a service fee for processing MasterCard and VISA sales.
e Received $2,825 from American Express Company after a $75 collection fee had been deducted.

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Definitions:

Combo Box

A graphical user interface widget that combines a dropdown list or list box and a single-line textbox, allowing the user to select an option from the list or enter their own.

Column Count

A property or attribute in website or document design specifying the number of columns in a layout.

Combo Box

A user interface control that combines a drop-down list box with a single-line textbox, allowing users to select an item from the list or enter a custom value.

Form Design View

The interface in database software that allows users to design and customize the layout and fields of a form.