Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales, and had the following transactions during August.
Aug 1 345101518232431 Sold merchandise on credit for $5,000, terms 3/10,n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20,n/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010. Received payment for merchandise sold August 1. Received a credit memorandum from the seller for the return of defective merchandise purchased on August 4 for $600. Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased August 4 less the portion that was returned. Sold merchandise on credit for $7,000, terms 2/10,n/30. The items had a cost of $4,900 Received payment for merchandise sold on August 24.
Required:
Prepare the general journal entries to record these transactions.
Definitions:
Aphasia
Impairment of language, usually caused by left hemisphere damage either to Broca’s area (impairing speaking) or to Wernicke’s area (impairing understanding).
Language
Our spoken, written, or signed words and the ways we combine them to communicate meaning.
Grammar
The set of structural rules governing the composition of clauses, phrases, and words in any given natural language.
Morphemes
The smallest grammatical units of language that have semantic meaning, including roots, prefixes, and suffixes.