1 Module 5 Checkpoint #2 Name 2 3 4 5 6 7 8 9 10 11 12 13 Bugs Bunny had the following transactions related to the sale of merchandise inventory during November: 2 Sold merchandise costing $4,000 for $10,000 on account to Tweety Company, terms 2/10,n/30, FOB Shipping Point. Tweety paid $150 of shipping charges to Worldwide Shipping Company, 4 Tweety Company returned $3,000 of merchandise (cost $1,200) for credit. 10 Sold merchandise costing S6,000 for $15.000 on account to Daffy Company, terms 2/10, n/30, FOB Destination. Bugs Bunny paid $250 of shipping charges to Worldwide Shipping Company. 12 Received the amount due from Tweety Company. 13 In order to match a competitor's lower price, Bugs Bunny agreed to reduce the sales price of the merchandise sold to Dafty Company on November 10 by $1,300 20 Received the amount due from Daffy Company Bugs Bunny maintains an accounts receivable subsidiary ledger 14 REQUIRED: 15 A. Give the general journal entries required to record the November transactions, assuming that Bugs Bunny uses the perpetual inventory method. 17 B. What are net sales for November? Sales less: Sales Returns and Allowances 20 less: Sales Discounts 21 16 18 19 Net Sales 22