Assume you are using perpetual inventory system: A) Record the below transactions in a journal B) Post the transactions to T-Ledger Accounts.
Assume you are using perpetual inventory system: A) Record the below transactions in a journal B) Post the transactions to T-Ledger Accounts. C) Then determine the followings · Merchandise Inventory Balance $ · COGS Balance $ · Net Sales $ · Gross Profit on Sales $ · Gross Profit Rate Transactions 1. Purchased goods for $140,000 on credit with terms 2/10, n/30. 2. Returned $5,000 of the merchandise. 3. Paid for the merchandise in transaction […]