This is a list of purchases and sales transactions that occurred in the month of November. Correctly
Question:
This is a list of purchases and sales transactions that occurred in the month of November. Correctly journalize these transactions below. For compound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent.
November 1 | Purchased inventory with credit terms 2/10, n/30, $3,700. |
November 2 | Paid transportation costs, FOB shipping point, $100. |
November 6 | Returned part of inventory purchased on 11/1 for a credit, $740. |
November 8 | Sold inventory on credit, terms 2/10, n/30, $3,600; cost of inventory $2,160; transportation costs FOB shipping point at a cost of $100, paid by the buyer. |
November 10 | Paid one half of the amount due for the purchase on 11/1. |
November 15 | Accepted return of part of inventory sold on 11/8 for credit, $720; cost of the inventory, $432. |
November 16 | Paid the remaining balance of the amount due for the purchase on 11/1. |
November 17 | Collected in full for the sale on 11/8. |
Not sure about the account title? Click here to view the chart of accounts.
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- Liabilities
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+ Expenses/Losses |
GENERAL JOURNAL
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| DATE | DESCRIPTION | DOC. | POST. | DEBIT | CREDIT | | ||
1 | Nov. 1 | | | | | | 1 | ||
2 | | | | | | | 2 | ||
3 | | | | | | | 3 | ||
4 | Nov. 2 | | | | | | 4 | ||
5 | | | | | | | 5 | ||
6 | | | | | | | 6 | ||
7 | Nov. 6 | | | | | | 7 | ||
8 | | | | | | | 8 | ||
9 | | | | | | | 9 | ||
10 | Nov. 8 Record sale | | | | | | 10 | ||
11 | | | | | | | 11 | ||
12 | | | | | | | 12 | ||
13 | Nov. 8 Record cost | | | | | | 13 | ||
14 | | | | | | | 14 | ||
15 | | | | | | | 15 | ||
16 | Nov. 10 | | | | | | 16 | ||
17 | | | | | | | 17 | ||
18 | | | | | | | 18 | ||
19 | | | | | | | 19 | ||
20 | Nov. 15 Record sales return | | | | | | 20 | ||
21 | | | | | | | 21 | ||
22 | | | | | | | 22 | ||
23 | Nov. 15 Record goods returned | | | | | | 23 | ||
24 | | | | | | | 24 | ||
25 | | | | | | | 25 | ||
26 | Nov. 16 | | | | | | 26 | ||
27 | | | | | | | 27 | ||
28 | | | | | | | 28 | ||
29 | Nov. 17 | | | | | | 29 | ||
30 | | | | | | | 30 | ||
31 | | | | | | | 31 | ||
32 | | | | | | | 32 | ||
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Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura