Journalize the Following Transactions Assuming a Perpetual Inventory System

question 95

Essay

Journalize the following transactions assuming a perpetual inventory system:
May 5
Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.Prepaid freight costs of $100 were added to the invoice.12
Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.14
Paid Archie Co. for invoice of May 5, less debit memo of May 12.

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Definitions:

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Vocational/Technical

Refers to education or training programs focused on equipping students with practical skills and knowledge for specific trades or careers.

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Quantitative measure of performance that is derived from a standardized test, designed to assess specific knowledge or skills across different individuals under uniform conditions.

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The ability to learn, understand, and apply knowledge, solve problems, and adapt to new situations.