Question

The following transactions occurred during November 2012, for Jim’s Sporting Goods, Inc.:
Nov 3 Purchased $3,400 of goods on account. Terms, 2/10, n/30, FOB shipping point.
6 Returned $250 of defective merchandise purchased on November 3.
8 Paid freight charges of $90 for delivery of goods purchased on November 3.
11 Sold $2,300 of inventory to a customer on account. Terms, 3/15, n/45, FOB shipping point. The cost of the goods was $1,700.
12 Paid amount owed on the November 3 purchase.
18 Granted a $100 sales allowance on the November 11 sale because the goods were the wrong color.
25 Received payment in full from customer for the November 11 sale.

Requirement
1. Journalize the November transactions for Jim’s Sporting Goods, Inc. Omit explanations.



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  • CreatedApril 29, 2014
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