Business, 23.03.2021 03:50 jfiicoh

1. The following events pertain to the Boardwalk Beach Shop for July 2016, its first month of operation. The company uses the perpetual inventory system. 1) July 2 Issued $29,000 of common stock for cash. 2) July 3 Purchased $7,500 of merchandise on account with terms 2/10, n/30, FOB shipping point. 3) July 3 Paid $300 cash for shipping charges on the July 3 purchase. 4) July 4 Returned $1,500 of the merchandise purchased on Jul 3. 5) July 5 Sold merchandise that cost $2,000 for $3,500 cash. 6) July 10 Recorded the discount and paid the amount due from the purchase of merchandise on July 3. 7) July 14 Purchased additional merchandise for $4,600 on account with terms 2/10, n/30, FOB destination. Required: Record the above transactions in general journal form (Remember: debits and credits must balance in a journal entry).

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1. The following events pertain to the Boardwalk Beach Shop for July 2016, its first month of operat...

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