The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. DATETRANSACTIONS
2019
July.1 Purchased dresses for $4,750 plus a freight charge of $250 from Fashion Expo, Invoice 101, dated July 1; the terms are 2/10, n/30. 5 Sold two dresses on account to Alice Chu, terms 1/10, n/30; issued Sales Slip 788 for $600. The cost of the dresses sold was $400. 7 Received Credit Memorandum 210 for $550 from Fashion Expo for damaged dresses returned; the goods were purchased on Invoice 101, dated July 1. 9 Accepted a return of a dress from Alice Chu; the dress was originally sold on Sales Slip 788 of July 5; issued Credit Memorandum 89 for $200. The cost of the returned dress was $135. 10 Issued Check 1255 to pay the amount due to Fashion Expo for Invoice 101, dated July 1, less the return of July 7 and less the cash discount. 15 Received payment from Alice Chu for the sale of July 5, less the return of July 9 and less the cash discount. 15 Recorded sales on credit cards for the two-week period ended July 15, $12,000; the bank charges a 3% fee on all credit card sales. The cost of merchandise sold was $8,000. 17 Purchased merchandise on account from Fashion Wholesalers for $4,500, subject to trade discounts of 40% and 10%; terms 1/10, n/30, Invoice 2078. 26 Paid amount owed to Fashion Wholesalers for the purchase of July 17, Check 106.