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(Solved) E5-2B. Record merchandising transactions: perpetual inventory system. (LO 1, 2) Discount Wines...


E5-2B. Record  merchandising  transactions: perpetual  inventory system.  (LO  1, 2) Discount Wines Inc. had a beginning inventory balance of $85,450 and engaged in the fol­ lowing transactions  during the month  of October. October 2                 Purchased  $15,000 of  merchandise  inventory  on account from Joe's Winery with terms 2/10, n/30 and FOB destination. Freight costs for this purchase  were $750. October 5        Returned  $100 of damaged  merchandise  to Joe's October 6  Sold $18,000 of merchandise  to Tasty  Catering Service on account,  terms 2/15, n/30 and FOB shipping point. Freight costs were $155. The cost of the inventory  sold was  $10,500. October 10      Paid the amount owed to Joe's October  10     Discount  granted Tasty an allowance  on the October 6 sale  of $200 for some soured  wine. October 23      Received  payment from Tasty October 29      Paid  sales salaries of $1,500 October 31     Paid the rent on the warehouse  of  $1,450 Enter each of the transactions for Discount Wines Inc. into the accounting equation, assum­ ing they  use a perpetual  inventory system.

 


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