Journalize the following transactions that occurred in November 2016 for Mays Adventure Park. No explanations are needed.

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Journalize the following transactions that occurred in November 2016 for May’s Adventure Park. 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 Valera Company, $8,000. Terms 1/10, n/EOM, FOB shipping point.
6 Paid freight bill of $160 on November 4 purchase.
8 Returned half the inventory purchased on November 4 from Valera Company.
10 Sold merchandise inventory for cash, $1,700. Cost of goods, $680. FOB destination.
11 Sold merchandise inventory to Garrison Corporation, $10,300, on account, terms of 3/10, n/EOM. Cost of goods, $5,150. FOB shipping point.
201&06/10 202.142.1*7^06
12 Paid freight bill of $30 on November 10 sale.
13 Sold merchandise inventory to Cain Company, $9,000, on account, terms of 1/15, n/45. Cost of goods, $4,500. FOB shipping point.
14 Paid the amount owed on account from November 4, less return and discount.
16 After negotiations, granted a $200 allowance to Garrison Corporation on November 11 sale.
17 Received defective inventory as a sales return from the November 13 sale, $400. Cost of goods, $200.
18 Purchased inventory of $3,700 on account from Regan Corporation. Payment terms were 2/10, n/30, FOB destination.
20 Received cash from Garrison Corporation, less allowance and discount.
26 Paid amount owed on account from November 18, less discount.
28 Received cash from Cain Company, less return and discount.
29 Purchased inventory from Sanders Corporation for cash, $12,000, FOB shipping point. Freight in paid to shipping company, $200. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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