Doreen Woods owns a small variety store. The following tra
Question and Solution
Doreen Woods owns a small variety store. The following transactions took place during March of the current year. Journalize the transactions in a general journal using the perpetual inventory method. Mar. 3 Purchased merchandise on account from Corner Galleria, $3,500. 7 Paid freight charge on merchandise purchased, $200. 13 Sold merchandise on account to Sonya Specialties, $4,250. The cost of the merchandise was $2,550. 18 Received a credit memo from Corner Galleria for merchandise returned, $900. 22 Issued a credit memo to Sonya Specialties for merchandise returned, $500. The cost of the merchandise was $300.