12 points total, 2 point per journal entry. Ceres Compu…
12 points total, 2 point per journal entry. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. Prepare the general journal entries to record these transactions. Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 4 Purchased merchandise on credit for $2,600, terms 1/20, n/30. 5 Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned items had a cost of $210. 11 Received payment for merchandise sold December 1. 15 Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600. 23 Paid for the merchandise purchased December 4 less the portion that was returned.
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