Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $100 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,700 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume theperpetual inventory system is used. May 10 Purchase - Select - - Select - - Select - - Select - May 10 Shipping charges - Select - - Select - - Select - - Select - May 14 Sale with cash - Select - - Select - - Select - - Select - May 14 Cost of sale - Select - - Select - - Select - - Select -

Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping...

Review the following situations and record any necessary journal entries for Mequon’s Boutique.

May 10	Mequon’s Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $100 cash. Terms of the purchase are FOB Shipping Point.
May 14	Mequon’s Boutique sells $3,700 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point.

If an amount box does not require an entry, leave it blank. Assume theperpetual inventory system is used.

Jun 10, 2022