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Business, 25.10.2019 21:43 savannabroyhill24

John’s specialty store uses a perpetual inventory system. the following are some inventory transactions for the month of may: john’s purchased merchandise on account for $5,000. freight charges of $300 were paid in cash. john’s returned some of the merchandise purchased in (1). the cost of the merchandise was $600 and john’s account was credited by the supplier. merchandise costing $2,800 was sold for $5,200 in cash. required: prepare the necessary journal entries to record these transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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John’s specialty store uses a perpetual inventory system. the following are some inventory transacti...
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