Journalize the Following Transactions Using the Perpetual Inventory Method

question 64

Essay

Journalize the following transactions using the perpetual inventory method.
Aug. 6 Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30.
Aug. 8 Purchased $2,611 of inventory for cash from Pillner Company.
Aug.15 Paid for August 6 purchase from Johnston.
Aug. 17 Purchased $1,743 of merchandise on account from Luis Company with Terms of 3/15, n/45.

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Definitions:

Judicial Review

The power of courts to assess the constitutionality of laws or governmental actions and to override those found to be unconstitutional.

Constitution

A system of fundamental principles or established precedents according to which a state or other organization is governed.

Federalism

Federalism is a political system where power is divided between a central government and smaller political units, such as states.

Authority

The capability or privilege to direct actions, decide on matters, and command adherence.