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Q1) Journalize given merchandising transactions for CSI Systems suppose it uses (a) periodic inventory system and (b) perpetual inventory system.

i) On November 1, CSI Systems buys merchandise for $1,400 on credit with terms of 2_5, n_30, FOB shipping point; invoice dated November 1.

ii) On November 5, CSI Systems pays cash for November 1 purchase.

iii) On November 7, CSI Systems discovers and returns $100 of defective merchandise bought on November 1 for a cash refund.

iv) On November 10, CSI Systems pays $80 cash for transportation costs with November 1 purchase.

v) On November 13, CSI Systems sells merchandise for $1,500 on credit. Cost of merchandise is $750.

vi) On November 16, customer returns merchandise from November 13 transaction. Returned items sell for $200 and cost $100.

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  • Category:- Accounting Basics
  • Reference No.:- M922605

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