CKL Limited Inc. uses a perpetual inventory system. During the month of April 2020, the following...

CKL Limited Inc. uses a perpetual inventory system.

During the month of April 2020, the following transactions occurred.

On April 2, CKL purchased $300 of office supplies on account, terms net 30 days.

On April 5, CKL sold $3,500 of merchandise to Wong Enterprises on credit terms of 2/15 net 30 days. The of the inventory was $1,750.

On April 7, CKL Limited purchased $4,900 of inventory from VanCity Wholesalers on terms of 1/15 net 30, FOB destination.

On April 7, CKL made a $4,250 mortgage payment to the bank. Of this amount, $3,780 was for interest and $470 was to reduce the balance of the loan.

On April 9, CKL returned $500 of inventory purchased on April 7 to VanCity Wholesalers.

On April 13, Wong Enterprises who purchased goods on April 5, returned some stock to CKL Limited. The selling price of the inventory returned was $800 and the cost was $400. The returned items was returned to CKL Limited’s inventory.

On April 14, CKL received payment from Wong Enterprises for its April 5 purchase.

On April 20, CKL paid its April 7 purchase from VanCity Wholesalers.

REQUIRED - Prepare journal entries to record the above transactions. Record your calculations instead of explanations. Do not abbreviate the names of the ledger accounts.

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ekkarill92 answered 1 year ago

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