Steve's Skateboards Uses the Perpetual Inventory System and Had the Following

question 27

Essay

Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
$$\begin{array} { | l | l | } \hline \text { April } 2 & \begin{array} { l } \text { Sold merchandise to Happy Hobby Shop on credit for } \$ 4,800 , \text { terms } 1 / 15 , \\\text { n/60. The items sold had a cost of } \$ 2,700\end{array} \\\hline \text { April } 4 & \begin{array} { l } \text { Happy Hobby Shop returned merchandise that had a selling price of } \$ 200 . \\\text { The cost of the rnerchandise returned was } \$ 110 .\end{array} \\\hline \text { April } 13 & \begin{array} { l } \text { Happy Hobby Shop paid for the merchandise sold on April } 2 , \text { taking any } \\\text { appropriate discount earned. }\end{array} \\\hline\end{array}$$
Prepare the journal entries that Steve's Skateboards must make to record these transactions.

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Definitions:

Newman Projection

A method of representing the spatial arrangement of atoms in a molecule, visualizing the conformation of a chemical bond from front to back.

C2-C3 Bond

The chemical bond between the second and third carbon atoms in an organic molecule, critical in determining the molecule's shape and reactivity.

2,3-Dimethylbutane

A branched alkane with the formula C6H14, notable for its use as a standard in octane rating tests and its presence in various fuels.

Ring Strain

The destabilization that occurs in a cyclic molecule due to the geometric or electronic constraints of the ring system.