The following inventory transactions occurred at Zinc, Inc., which uses a perpetual inventory system: October 2...

The following inventory transactions occurred at Zinc, Inc., which uses a perpetual inventory system:

October 2 Purchased 50 units of inventory from supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zinc received the inventory on October 3rd.

October 4 Returned 5 units of inventory from the October 2nd transaction to to the supplier.

October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash.

October 7 Accepted a return of one unit of inventory from an October 6th customer for a cash refund.

October 10 Established a petty cash fund for $300.

October 11 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns.

October 15 Used $20 out of petty cash to pay for stamps (postage expense).

October 28 Purchased 10 units of inventory from a supplier on credit. The good cost #25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Zinc received the inventory on November 2.

October 30 Paid the remaining balance owed to the supplier from the October 2nd transaction.

October 31 Replenished petty cash.

Using the space provided below and on the next page, record the appropriate journal entries for these transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to October business. If no journal entry is needed, write the transaction date and NO Entry.

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ekkarill92 answered 1 week ago

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