Journalize the Following Transactions Using the Perpetual Inventory Method

question 118

Essay

Journalize the following transactions using the perpetual inventory method.
June 11 Purchased $6,700 of merchandise on account, terms 4/10, n/45.
June 14 Returned $990 of merchandise that was damaged for credit.
June 18 Paid balance of account from purchase of June 11.

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Definitions:

Environment Variable

A variable that describes the environment in which a program runs. It contains a name and a value, where the value is the path to the program identified by the variable name.

Program

A set of instructions that a computer uses to perform a specific task or operation.

Windows

Windows is a series of operating systems developed by Microsoft, providing a graphical interface for users to interact with their computers.

Variable

In scripting, the name of a storage location in the computer’s internal memory. The value of the variable is the contents at that memory location. It is called a variable because the value can change (vary) as the program runs.