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Instructions
(a)
Record the transactions assuming Stojanovic uses a perpetual inventory system.
(b)
Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Enter the beginning Merchandise Inventory balance, post the transactions and calculate the balances for each account.
(c)
Prepare a partial multiple-step income statement, up to gross profit, for the month of September 2017.
Journal EntriesDateDescriptionSep-172 Merchandise InventoryAccounts payable4 Merchandise InventoryCash5 Accounts receivableSalesCost of goods soldMerchandise Inventory6 Sales returns…
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