Prepare journal entries for the transactions listed below. 1/11 Smith shoes purchased $3,800 of merchandise on account;
Question:
Prepare journal entries for the transactions listed below.
1/11 Smith shoes purchased $3,800 of merchandise on account; conditions n/30 -Fob boarding point
11/6 Paid freight charges of $100 for merchandise purchased on 11/1
8/11 Smith shoes sold merchandise on account for $2,400, terms 10/1, n/30. The merchandise had an inventory cost of $1,000.
11/12 Of the merchandise sold on 11/8, $800 was returned. The items had cost the store $300.
11/15 Smith shoes paid for merchandise purchased on 11/1.
11/20 Smith shoes purchased $5,000 worth of merchandise from its supplier on account; terms 2/10 n/30
11/22 Smith Shoes returned $320 worth of damaged merchandise purchased on 11/20.
11/25 Smith Shoes received full payment from customer on 11/8.
11/26 Smith shoes paid for merchandise purchased on 11/20.
Expert Answer:
To record the transactions in the journal entries we will use the following accounts Purchases or Me... View the full answer
