Reid Art Supply Company Uses a Perpetual Inventory System $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 30

Essay

Reid Art Supply Company uses a perpetual inventory system.The company had the following transactions during August,2012:
Aug.5 Reid Company purchased $2,900 of merchandise on account.Freight and credit terms were FOB shipping point,3/15,n/60.
Aug.9 Reid Company paid transportation costs of $440 for the Aug.5 purchase.
Aug.10 Reid Company returned $600 of defective merchandise that had been purchased on Aug.5.
Aug.15 Reid Company paid for the merchandise purchased on Aug.5.
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Please provide the journal entry on Aug.10.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Distally

Located far from a central point or origin, particularly in relation to limbs or anatomical structures.

Dominant Arm

The arm that is more frequently used and stronger, typically preferred for tasks requiring fine skills or strength.

Areas of Flexion

Specific regions on the body where bending occurs, enabling movements such as bending the elbows, knees, or fingers.

Peripheral IV Access

The most common method for intravenous therapy, involving the insertion of a small catheter into a peripheral vein for the administration of medications or fluids.