Business, 01.02.2021 21:40 jordynsmith02

Following are the merchandising transactions for Chilton Systems. 1. On November 1, Chilton Systems purchases merchandise for $1,400 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.
2. On November 5, Chilton Systems pays cash for the November 1 purchase.
3. On November 7, Chilton Systems discovers and returns $150 of defective merchandise purchased on November 1 for a cash refund.
4. On November 10, Chilton Systems pays $70 cash for transportation costs with the November 1 purchase.
5. On November 13, Chilton Systems sells merchandise for $1,512 on credit. The cost of the merchandise is $756.
6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items would sell for $245 and cost $122. the items were not damaged and were returned to inventory.
Required:
1. Journalize the following merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system.
2. Record the Chilton Systems purchase of merchandise for $1,400 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.
On November 5, Chilton Systems pays cash for the November 1 purchase.
On November 7, Chilton Systems discovers and returns $190 of defective merchandise purchased on November 1 for a cash refund.
On November 10, Chilton Systems pays $70 cash for transportation costs with the November 1 purchase.
On November 13, Chilton Systems sells merchandise for $1,512 on credit.
The cost of the merchandise is $756.
On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $245

The returned items cost $123. The merchandise is returned to inventory.

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Following are the merchandising transactions for Chilton Systems. 1. On November 1, Chilton Systems...

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