Ceres Computer Sales Uses the Perpetual Inventory System and Had

question 58

Essay

Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December
$\begin{array}{|l|l|l|}\hline\text { Dec } & 1 &\text { Sold merchandise on credit for } \$ 5,000, \text { terms } 3 / 10, \mathrm{n} / 30 . \text { The items sold had a } \\&&\text { cost of } \$ 3,500 .\\\hline & 3 & \text { Purchased merchandise for cash, } \$ 720 . \\\hline & 4 & \text { Purchased merchandise on credit for } \$ 2,600, \text { term } 1 / 20, \mathrm{n} / 30 . \\\hline & 5 & \text { Issued a credit memorandum for } \$ 300 \text { to a customer who returned merchandise } \\&&\text { purchased November } 29 . \text { The returned items had a cost of } \$ 210 .\\\hline & 11 & \text { Received payment for merchandise sold December } 1 . \\\hline &15 &\text { Received a credit memorandum for the return of faulty merchandise purchased on } \\&&\text { December 4 for } \$ 600 .\\\hline& 18 & \text { Paid freight charges of } \$ 200 \text { for merchandise ordered last month. (FOB shipping } \\&&\text { point). }\\\hline& 23 & \text { Paid for the merchandise purchased December } 4 \text { less the portion that was } \\&&\text { returned. }\\\hline &24 & \text { Sold merchandise on credit for } \$ 7,000, \text { terms } 2 / 10, n / 30 . \text { The items had a cost of } \\&&\$ 4,900 .\\\hline& 31 & \text { Received payment for merchandise sold on December } 24 .\\\hline \end{array}$
Required: Prepare the general journal entries to record these transactions.

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Definitions:

Table

An arrangement of data made up of rows and columns, often used to organize and display information systematically.

File

A formatted block of data treated as a unit.

Move With Mask

A programming instruction that moves bits from a source to a destination while applying a mask to selectively modify them.

Mask

A mask in digital computing and data processing is a pattern of bits used to accept or reject certain bits within another set of data by applying logical AND, OR, or XOR operations, often for purposes such as manipulating, extracting, or hiding data.