Question

The following selected transactions were completed by Marcel Co. during November of the current year, using the perpetual inventory system.
Nov. 13. Purchased merchandise from Folts Co., $8,000, terms FOB destination, 1/10, n/30.
14. Issued debit memo to Folts Co. for $1,500 of merchandise returned from purchase on November 13.
18. Purchased merchandise from Lakey Company, $12,250, terms FOB shipping point, n/eom.
18. Paid freight of $180 on November 18 purchase from Lakey Company.
19. Purchased merchandise from Noman Co., $11,150, terms FOB destination, 2/10, n/30.
23. Paid Folts Co. for invoice of November 13, less debit memo of November 14 and discount.
29. Paid Noman Co. for invoice of November 19, less discount.
30. Paid Lakey Company for invoice of November 18.
Instructions
Journalize the entries to record the transactions of Marcel Co. for November.


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  • CreatedSeptember 15, 2015
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