A company has the following transactions during March: March 3 Purchases inventory on account for $3,300, terms 3/10, n/30

Accounting Nov 02, 2020

A company has the following transactions during March: March 3 Purchases inventory on account for $3,300, terms 3/10, n/30. March 5 Pays freight costs of $300 on inventory purchased on March 3. March 6 Returns inventory with a cost of $800. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,600 on account. Record all transactions, assuming the company uses a PERIODIC inventory system

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