Question: Journalize the following transactions for AD Wholesale Inc that occurred

Journalize the following transactions for AD Wholesale, Inc., that occurred during the month of November. AD Wholesale’s cost of inventory is 60% of the sales price.
Nov 3 Sold $1,700 of merchandise on account, terms 2/15, n/45, FOB shipping point. AD Wholesale, Inc., prepaid $45 of shipping costs and added the amount to the customer's invoice.
7 Issued a credit memo to the customer acknowledging the return of $100 of unwanted goods.
16 Received payment in full from the customer for the November 3 invoice.

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  • CreatedApril 29, 2014
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