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Listed below are selected examples of transactions related to the purchase and sale of inventory from the perspective of the seller
or the buyer as indicated. Assume a perpetual inventory system is in use.
1 Buyer. Purchase of $2,870 of inventory for cash.
2 Buyer: Return of $615 of inventory to seller for credit on account.
3 Buyer. Purchase of $3,280 of inventory on account, terms 2/10, 1/45.
Buyer: Payment of $330 cash for freight on purchase of inventory (FOB shipping point).
Buyer: Payment of amount owed for purchase of $2,870 of inventory, terms 2/10, 1/30 paid within discount period.
Seller: Sale of inventory on account, terms n/30. Selling price $20,000, cost $8,000. Management expects a return rate of
7.6996
Seller: Return of damaged Inventory from buyer for cash. Selling price $450: cost $181. All of the goods were discarded
7
because they are not resaleable.
8 Seller: Payment of $490 cash for freight on sale of inventory (FOB destination).
Seller. Return of unwanted Inventory from buyer for credit on account. Selling price $330: cost $131. Goods restored to
9
inventory for future resale.
10 Seller Receipt of payment ($6,560) from customer on account terms 1/30
For each of the above transactions indicate a) the basic type asset. liability, revenue, or expense) of each account to be debited and
credited by the specific names of the accounts) to debit and credit (for example, Inventory); and (c) whether each account is
increased to decreased and by what amount. The first one has been done for you as an example. (Enter specific debited account
ons in iphabetical order Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses es (450)

Answer 1

Answer:

don't know mark as a brainlist answer