Petersen Book Store Entered into the Transactions Listed Below

question 104

Essay

Petersen Book Store entered into the transactions listed below. In the journal provided, prepare Petersen's necessary entries, assuming use of the perpetual inventory system.
July 6 Purchased $1,600 of merchandise on credit, terms n/30.
8 Returned $100 of the items purchased on July 6.
9 Paid freight charges of $90 on the items purchased July 6.
19 Sold merchandise on credit for $4,400, terms 1/10, n/30. The merchandise had an inventory cost of $2,700.
22 Of the merchandise sold on July 19, $300 of it was returned. The items had cost the store $150.
28 Received payment in full from the customer of July 19.
31 Paid for the merchandise purchased on July 6.

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Definitions:

Dangerous Reactions

Responses to events or substances that could lead to harm or adverse effects.

Dyad

the simplest social group consisting of two people, often used to study interpersonal relationships.

Psychologists

Professionals dedicated to understanding mental processes, behavior, and the underlying dynamics of individuals and groups.

Group

A collection of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity.