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    Perpetual Accounting

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    How do you journalize entries?

    14 Purchased Merchandise for cash $3,800
    23 Sold merchandise for cash $6,400. Merchandise sold had a cost of $5,120
    26 Purchased merchandis for cash $2,300
    29 Made refunds to cash customers for defective merchandise $90. The return had a scrap value of $30
    30 Sold merchandise on account $3,700 terms n/30 the cost of the merchandise sold was $2,800

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    Journal entries
    Date Particulars debit credit

    14 Purchases a/c Dr 3800
    To cash 3800
    (being the goods purchased
    for ...

    Solution Summary

    This solution helps with a problem about perceptual accounting.