Asked by Giovanni Magana on Jun 13, 2024
Verified
Marshall Supplies is a janitorial supply store that uses a perpetual inventory system. Journalize the following transactions:
On July 4, Marshall purchases inventory for sale from Tidy Wholesalers for $8,500.00 with terms 1/10, n/30.On July 5, Marshall pays Express Transfer $45.00 for freight in on the July 4 order.On July 7, Marshall buys an additional $11,985.00 in inventory from Tidy Wholesalers with terms 1/10, n/30.On July 13, Marshall pays Tidy Wholesalers the balance due on both invoices
Journal 
Perpetual Inventory System
An immediate inventory recording technique utilizing computerized point-of-sale systems and enterprise asset management software to document sales or purchases.
Freight In
The cost of transportation or shipping of raw materials or goods into a production facility or warehouse.
- Catalog multiple kinds of transactions including transactions of sale, returns, and delivery expenses, for both buyers and sellers, operating under a perpetual inventory methodology.
Verified Answer
BV
Learning Objectives
- Catalog multiple kinds of transactions including transactions of sale, returns, and delivery expenses, for both buyers and sellers, operating under a perpetual inventory methodology.
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