Journalize the Following Transactions for a Merchandiser That Uses the Perpetual

question 167

Essay

Journalize the following transactions for a merchandiser that uses the perpetual inventory system.
On January 8,inventory was sold for $6,000 on account.Credit terms were 3/15,n/30 (cost $4,500).On January 17,cash was received in full settlement of the January 8 sale.

Grasp the concept of ideal free distribution and its implications for animal behavior and habitat selection.

Recognize the significance of passive and active dispersal strategies in species distribution and survival.

Analyze territorial behavior and its ecological and evolutionary consequences.

Understand the role of environmental and competitive factors in shaping migratory behavior and territoriality.

---

Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business, whichever is longer.

Accounts Receivable

Money owed a company by its clients or customers who have promised to pay for the products at a later date.

Commercial Paper

A written promise from one company to another to pay a specific amount of money.