Prepare the Journal Entries in Retro's Books for the Following

question 106

Essay

Prepare the journal entries in Retro's books for the following transactions assuming a periodic system.
March 1 Retro Corp. purchased $8,000 of merchandise from Alloy Corp. on account,
terms 2/15, n/30. FOB shipping point. The goods cost Alloy $2,900.
March 9 Retro paid a $200 freight bill for delivery of the goods purchased on March 1.
March 11 Retro returned $1,000 of the merchandise purchased on March 1.
The goods cost Alloy $450.
March 15 Retro paid for the March 1 purchase in full.

---

Definitions:

Obedience

Obedience refers to compliance with commands given by an authority figure, often studied in psychology to understand the extent and limits of social influence over behavior.

Orders Over The Telephone

A process where customers or clients place orders for products or services by speaking directly to a supplier or service provider over the phone.

Obedience

The act of following orders or directions from someone in authority, often studied in psychology as a behavior.

Conformity

The practice of aligning one's attitudes, beliefs, and actions with the norms, policies, or expectations of a group or society.