Price Company is a merchandiser that started its operations on January 1, 2020. Price buys and sells one type of widget from a single supplier and uses weighted average method under a perpetual...

Extracted text: Price Company is a merchandiser that started its operations on January 1, 2020. Price buys and sells one type of widget from a single supplier and uses weighted average method under a perpetual inventory system to record transactions. Required: Record the following transactions incurred in January 2020 for Price (round all the amounts to the nearest dollar): January 5: Price buys 220 widgets at a price of $11 per unit from Phillips with terms 2/10, n/30. Account Debit Credit January 7: Price returns 5% of the goods purchased on January 5th to Phillips Account Debit Credit January 9: Price sells 100 widgets to Kimbrall for $20 per unit with terms 1/15, n/45. Account Debit Credit January 9: Kimbrall immediately returned 10 units because they were the wrong colour and the account of Kimbrall was credite appropriate amount. These units went back into inventory. Account Debit Credit January 10: Price buys 75 widgets at a price of $12 per unit from Phillips with terms 2/10, n/30 Account Debit Credit January 14: Price pays Phillips for all purchases to date Account Debit Credit January 18: Price collects outstanding amount from Kimbrall Account Debit Credit