Question

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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