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Posted: August 24th, 2023
Highland, Inc. entered into the transactions listed below.
Highland, Inc. entered into the transactions listed below. In the journal provided, prepare Highland's entries, assuming use of the perpetual inventory system. Omit explanations.Mar. 2Purchased $450 of merchandise on credit, terms n/30. 6Returned $75 of the items purchased on March 2. 8Paid freight charges of $25 on the items purchased March 2.16Sold merchandise on credit for $600, terms n/15. The merchandise had a cost in inventory of $375.17Of the merchandise sold on March 16, $50 of it was returned. The items had cost to Highland of $15.25Received payment in full from the customer of March 16.31Paid for the merchandise purchased on March 2.General JournalPage 1DateDescriptionPost.Ref.DebitCredit
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