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.

---

Definitions:

Measuring

Measuring refers to the process of quantifying the characteristics of an event, object, or substance, often used in both daily activities and scientific research to understand and analyze.

Market Performance

The overall effectiveness of a company or product in the marketplace, usually measured by sales, market share, or profitability metrics.

Aim of Marketing

The primary goal of marketing activities, which is to identify and meet the needs and wants of customers profitably.

Customers

Individuals or entities that purchase goods or services from a business, playing a central role in its success.