A company has the following transactions during marchmarch, Ask an Expert

Accounting

A company has the following transactions during March:

March 3 Purchases inventory on account for $3,300, terms 3/10, n/30.

March 5 Pays freight costs of $300 on inventory purchased on March 3.

March 6 Returns inventory with a cost of $800.

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 $5,600 on account.

Record all transactions, assuming the company uses a perpetual inventory system.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92041098

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