Question

Journalize the following transactions that occurred in November 2015 for Thelma’s Amusement. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
Nov. 4 Purchased merchandise inventory on account from Valencia Company, $ 9,600. Terms 3/10, n/EOM, FOB shipping point.
6 Paid freight bill of $ 120 on November 4 purchase.
8 Returned half the inventory purchased on November 4 from Valencia Company.
10 Sold merchandise inventory for cash, $ 1,200. Cost of goods, $ 700. FOB destination.
11 Sold merchandise inventory to Gilmore Corporation, $ 10,250, on account, terms of 1/10, n/EOM. Cost of goods, $ 5,500. FOB shipping point.
12 Paid freight bill of $ 40 on November 10 sale.
13 Sold merchandise inventory to Callahan Company, $ 9,900, on account, terms of 2/15, n/45. Cost of goods, $ 5,300. FOB shipping point.
14 Paid the amount owed on account from November 4, less return and discount.
16 After negotiations, granted a $ 250 allowance to Gilmore Corporation on November 11 sale.
17 Received defective inventory as a sales return from the November 13 sale, $ 600. Cost of goods, $ 450.
18 Purchased inventory of $ 4,100 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB destination.
20 Received cash from Gilmore Corporation, less allowance and discount.
26 Paid amount owed on account from November 18, less discount.
28 Received cash from Callahan Company, less return and discount.
29 Purchased inventory from Suarez Corporation for cash, $ 12,000, FOB shipping point. Freight in paid to shipping company, $ 200.



$1.99
Sales11
Views417
Comments0
  • CreatedJanuary 16, 2015
  • Files Included
Post your question
5000