Bhushan Building Supplies entered into the following trans
Question and Solution
Bhushan Building Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. June 1 Purchased merchandise on account from Brij Builder’s Materials, $500,000. 3 Purchased merchandise for cash, $400,000. 5 Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000.