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CComp, Inc. entered into the transactions listed below. Prepare CComp's entries, assuming use of the perpetual inventory system. Omit explanations.

Mar.

2 Purchased $450 of merchandise on credit, terms n/30.

6 Returned $75 of the items purchased on March 2.

8 Paid freight charges of $25 on the items purchased March 2.

16 Sold merchandise on credit for $600, terms n/15. The merchandise had a cost in inventory of $375.

17 Of the merchandise sold on March 16, $50 of it was returned. The items had cost to Highland of $15.

25 Received payment in full from the customer of March 16.

31 Paid for the merchandise purchased on March 2.

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Accounting Basics, Accounting

Category:- Accounting Basics
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