Following are the merchandising transactions for q systems.1. on november 1, q systems purchases merchandise for $1500 on credit with terms of 2/5, n/30, fob shipping point; invoice dated november 1.2. on november 5, q systems pays cash for the november 1 purchase.3. on november 7, q systems discovers and returns $200 of defective merchandise purchased on november 1 for a cash refund.4. on november 10, q systems pays $90 cash for transportation cost with november 1 on purchase.5. on novermber 13, q systems sell merchandise for $1600 on credit. the cost of the merchandise is $800.6. on november 16, the customer returns merchandise from the november 13 transaction. the returned items would sell for $300 and cost $130; the items were not damaged and were returned to inventory. journalize the above merchandising transactions for q systems assuming it uses a perpetual inventory system.
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Following are the merchandising transactions for q systems.1. on november 1, q systems purchases mer...
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