(Solution) - Patel Rug Company had the following credit sales transactions du -(2025 Original AI-Free Solution)

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Patel Rug Company had the following credit sales transactions during March 2008:

The March 1 inventory was $26,000, consisting of:



During March, Patel Rug Company purchased the following rugs from Lee Rug Importers:



The general ledger includes the following accounts:
Account
Number Account
11 ........ Accounts Receivable
12 ........ Merchandise Inventory
21 ........ Accounts Payable
41 ........ Sales
51 ........ Cost of Merchandise Sold
a. Record the sales in a two-column sales journal. Use the sales journal form shown in Appendix 1 at the end of this chapter. Begin with Invoice No. 80.
b. Record the purchases in a purchases journal. Use the purchases journal form shown in Appendix 1 at the end of this chapter.
c. Assume that you have posted the journal entries to the appropriate ledgers. Insert the correct posting references in the sales and purchases journals.
d. Determine the March 31 balance of MerchandiseInventory.