100. – Prepare the necessary journal entries to record the following

F12… On October 1, Freed Supply had an inventory of 15 backpacks
May 5, 2020
1)Inventory on Jan 1 – Units = 10,000 Unit cost = $9.00
May 5, 2020

100. – Prepare the necessary journal entries to record the following

transactions, assuming Albalnee Company uses a perpetual inventory system.

Feb. 2 Purchased $35,000 of merchandise on account, terms 2/10, n/30.
Feb. 5 Returned $700 of damaged merchandise for credit.
Feb. 11 Paid for the merchandise purchased within 10 days.

 
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