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Question
Marshall Supplies is a janitorial supply store that uses a perpetual inventory system. Journalize the following transactions:
July 4 Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30.
5 Marshall pays Express Transfer $45 for freight on the July 4 order.
7 Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30.
13 Marshall pays Tidy Wholesalers the balance due on both invoices.
Answer
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