Question

On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were...

On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were 2/10, net 30.

On May 2, the owner returned one ring

On May 3, the owner sold 3 of the rings on account at 8000 each to one customer. the credit terms were 2/10, net 30.

On May 9, the owner paid the debt due to May 1

On May 15, the customer from May 3 paid for the rings

Prepare the journal entries for the above transactions.

1. the store uses the perpetual inventory system and the gross method to record purchase discounts.

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