A Company Has the Following Transactions During March

question 90

Essay

A company has the following transactions during March:
March 3 Purchases inventory on account for $3,500,terms 2/10,n/30.
March 5 Pays freight costs of $200 on inventory purchased on March 3.
March 6 Returns inventory with a cost of $500.
March 12 Pays the full amount due on March 3 purchase.
March 29 Sells all inventory purchased on March 3 (less those returned on March 6)for $5,000 on account.
Record all transactions,assuming the company uses a perpetual inventory system.

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Definitions:

Dorsum

The upper surface of an organ or body part, such as the back of the hand or the top side of the foot.

Cranial Nerve

One of the twelve nerves that originate in the brain and supply sensory, motor, or autonomic functions to the head, neck, and in some cases, viscera.

Auscultation

The act of listening to the internal sounds of the body, typically using a stethoscope, as part of a physical examination.

Auscultating

The act of listening to the sounds made by internal organs, especially the heart and lungs, typically using a stethoscope.