Question: On November 15 2012 Lavery s Department Store purchased 4 300 of

On November 15, 2012, Lavery’s Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/1 5, n/45, FOB shipping point. On November 18, Lavery’s Department Store paid freight charges of $350 related to the delivery of the goods purchased on November 15. Upon receiving the goods, Lavery’s Department Store checked the order and found $300 of unsuitable merchandise, which was returned to the supplier on November 20. Then, on November 28, Lavery’s Department Store paid the invoice.

1. Journalize all necessary transactions for Lavery’s Department Store. Omit explanations.

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  • CreatedApril 29, 2014
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