Steve's Hardware Store Uses the Perpetual Inventory System.

Question 39
Essay

Steve's Hardware Store uses the perpetual inventory system.The company incurred the following transactions: a.On November 1,the owner,Steven Moore,purchased 10 snow blowers on account at $1,000 each.Credit terms were 2/10,net 30. b.On November 2,Steven returned two snow blowers due to damage incurred in shipping. c.On November 3,the supplier granted Steven an allowance of $100 on the snow blowers because one of the snow blowers was missing an attachment. d.On November 10,Steven sold three of the snow blowers on account at $1,500 each.The credit terms were 2/10,net 30. e.On November 12,Steven paid for the snow blowers. f.On November 13,one customer returned a snow blower because it did not start. g.On November 30,Steven paid wages of $2,000 for his assistant. Required: 1.Journalize the above transactions for Steve's Hardware Store.Explanations are not required.