Steve's Hardware Store Uses the Perpetual Inventory System

question 39

Essay

Steve's Hardware Store uses the perpetual inventory system.The business incurred the following transactions:
A.On November 1,10 snow blowers were purchased on account at $1,000 each.Credit terms were 2/10,net 30.
B.On November 2,the business returned two snow blowers due to damage incurred in shipping.
C.On November 10,the business sold three of the snow blowers on account at $1,500 each.The credit terms were 2/10,net 30.No sales returns are expected.
D.On November 12,the business paid for the snow blowers.
E.On November 30,the business paid wages of $2,000.
Required:
Journalize the above transactions for Steve's Hardware Store.Explanations are not required.

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Definitions:

Interview

A formal meeting in which one or more persons question, consult, or evaluate another person.

Business Suit

A formal set of clothes typically worn in professional settings, consisting of matching trousers and jacket, and sometimes a vest, for a coordinated look.

Corporate Culture

The shared values, beliefs, and practices that characterize an organization and influence its members.

Formal Clothes

Clothing that aligns with the strictest codes of dress, typically worn for very formal events such as weddings, state dinners, and certain workplaces.