Assignment
Walmart , uses the perpetual inventory system and had the following transactions during August.
Aug 1 - Sold Merchandise on credit for $5,000 , terms 3/10 , n/30 . The items sold had a cost of $3,500 .
Aug 3 - Purchased merchandise for cash, $2,720.
Aug 4 - Purchased merchandise on credit for $2,600, terms 1/20 ,n/30.
Aug 5 - Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010.
Aug 10 - Received payment for merchandise sold August 1.
Aug 15 - Received a credit memorandum from the seller for the return of faulty merchandise purchased on August 4 for $600.
Aug 18 - Paid freight charges of $200 for merchandise ordered last month (FOB shipping point)
Aug 23 - Paid for the merchandise purchased August 4 less the portion that was returned.
Aug 24- Sold merchandise on credit for $7,000, terms 2/10. n/30. The items had a cost of $4,900.
Aug 31 - Recived payment for merchandise sold on August 24.
REQUIRED: Using the following journal pages , prepare the general journal entries to record these transactions. INCLUDE EXPLANATIONS!