Question

The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/ 10, n/ 30. The company is located in Denver, Colorado.
Nov. 3 Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, $ 2,482.51. The cost of the merchandise was $ 1,961.18.
5 Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, $ 287.45. The cost of the merchandise was $ 227.09.
7 Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, $ 3,854.16; terms n/ 45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, $ 135 ( total $ 3,989.16).
9 Bought merchandise on account from Lozano, Inc., invoice no. 8755, $ 426.65; terms 1/ 15, n/ 30; dated November 5; FOB New York City, freight prepaid and added to the invoice, $ 67 ( total $ 493.65).
12 Received credit memo no. 542 to Lozano, Inc., for merchandise returned, $ 102.20.
17 Sold merchandise on account to Jack’s Golfing Shop, invoice no. 5421, $ 486.35. The cost of the merchandise was $ 432.85.
23 Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, $ 2,465.99. The cost of the merchandise was $ 1,972.79.
28 Bought merchandise on account from Fields, Inc., invoice no. 4599, $ 441.29; terms 2/ 10, n/ 30; dated November 25; FOB Austin, freight prepaid and added to the invoice, $ 102 ( total $ 543.29).

Required
Record the transactions in the general journal ( pages 84 and 85) using the perpetual inventory system.



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  • CreatedOctober 21, 2014
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