Question

 The MEC Store uses a perpetual inventory system. The following transactions occurred

 during March 2022:

 March 2 Purchased merchandise from Flake Co. for $5,600 under credit terms of 1/15, n/30,

 FOB factory.

 3 Paid $280 for shipping charges on the March 2nd purchase.

 5 Sold merchandise to Shingle Co. for $3,700 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,780.

 6 Received a $1,200 credit memorandum acknowledging the return of merchandise

 purchased on March 2.

 7 Shingle Co. requested a price reduction on the March 5 sale because the

 merchandise did not meet specifications. Sent Shingle Co. a credit memorandum for

 $400 to resolve the issue.

 8 Received Shingle Co.'s payment of the amount due from the March 5 sale.

 13 Paid the balance due to Flake Co.

 18 Sold merchandise to a customer for $8,400 cash. The merchandise cost $4,680.

 20 Paid $826 March telephone bill.

 Instructions;

 Record the above transactions in the General Joumal data entry form provided in the Learn Assessment Dropbox.

Answer 1

Date	Account Titles	Debit	Credit
Mar-02	Inventory	$         5,600
	Accounts Payable - Flake Co.		$         5,600
Mar-03	Inventory	$            280
	Cash		$            280
Mar-05	Accounts Receivable - Shingle Co.	$         3,700
	Sales Revenue		$         3,700
	Cost of Goods Sold	$         1,780
	Inventory		$         1,780
Mar-06	Accounts Payable - Flake Co.	$         1,200
	Inventory		$         1,200
Mar-07	Sales Returns and Allowances	$            400
	Accounts Receivable - Shingle Co.		$            400
Mar-08	Cash	$         3,234
	Sales Discount	$              66
	Accounts Receivable - Shingle Co.		$         3,300
Mar-13	Accounts Payable - Flake Co.	$         4,400
	Inventory		$               44
	Cash		$         4,356
Mar-18	Cash	$         8,400
	Sales Revenue		$         8,400
	Cost of Goods Sold	$         4,680
	Inventory		$         4,680
Mar-20	Utilities Expense	$            826
	Cash		$            826