Journalize the Following Transactions Using the Perpetual Inventory Method

question 4

Essay

Journalize the following transactions using the perpetual inventory method.
Nov. 1 Purchased $3,600 of merchandise from Hilltop, terms 2/10, n/30.
Nov. 5 Purchased $1,750 of merchandise for cash from Owen's Supply.
Nov. 7 Purchased $3,400 of merchandise from Seaside, terms 1/15, n/30.
Nov. 10 Returned $500 of merchandise to Seaside. Credit Memo #131.
Nov. 11 Paid the invoice from Hilltop.

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Definitions:

Self-Schema

Cognitive representations of oneself that organize and guide the processing of self-relevant information.

Cognitive Representation

The mental process of constructing an internal model of the external world, objects, or events based on perception and information processing.

Objective

Unbiased and impartial; not influenced by personal feelings or opinions in considering and representing facts.