Prepare Journal Entries for the Following Transactions for Mark Machine

question 102

Essay

Prepare journal entries for the following transactions for Mark Machine Parts applying the perpetual inventory system. Omit explanations.
July 9 Purchased on account 4 tires for $700.
11 Returned 1 tire for $175 credit.
15 Sold 2 tires for $1,500 cash, cost $350.
19 Paid the balance due on account.

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Definitions:

Commensalism

A relationship between two organisms where one benefits and the other is neither harmed nor benefited.

Predation

The interaction between two species where one organism, the predator, feeds on another organism, the prey, as a source of energy and nutrients.

Finch Species

A group within the bird family, known for their diversity in beak shapes and sizes, which has been extensively studied in evolutionary biology.