The following were selected from among the transactions completed by Infinet Shops, Inc., during November of the

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The following were selected from among the transactions completed by Infinet Shops, Inc., during November of the current year:
Nov. 2. Purchased merchandise on account from Loftin Co., list price $24,000, trade discount 25%, terms FOB destination, 2/10, n/30.
8. Sold merchandise for cash, $8,100.
9. Purchased merchandise on account from Chestnut Co., $12,000, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $180 added to the invoice.
10. Returned $3,000 of merchandise purchased on November 2 from Loftin Co.
11. Sold merchandise on account to Fawcett Co., list price $2,500, trade discount 20%, terms 1/10, n/30.
12. Paid Loftin Co. on account for purchase of November 2, less return of November 10 and discount.
15. Sold merchandise on nonbank credit cards and reported accounts to the card company, American Express, $9,850.
19. Paid Chestnut Co. on account for purchase of November 9, less discount.
21. Received cash on account from sale of November 11 to Fawcett Co., less discount.
25. Sold merchandise on account to Clemons Co., $3,000, terms 1/10, n/30.
28. Received cash from American Express for nonbank credit card sales of November 15, less $380 service fee.
30. Received merchandise returned by Clemons Co. from sale on November 25, $1,700.

Instructions
Journalize the transactions for Infinet Shops, Inc., in a two-column general journal.

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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