1 of 1 ollowing transactions that occurred in November for Thelma's Amusement, assuming the perp ble and accounts receivable with the vendor or customer name. Thelma's Amusement estimate More info Nov. 4 Nov. 6 Nov. 8 Nov. 10 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 17 Purchased merchandise inventory on account from Valencia Company, $9,600. Terms 1/10, n/EOM, FOB shipping point Nov. 18 Nov. 201 Nov. 25 Nov. 28 Nov. 29 Paid freight bill of $190 on November 4 purchase Returned half of the inventory purchased on November 4 from Valencia Company Sold merchandise inventory for cash, $1,900. Cost of goods, $760. FOB destination Sold merchandise inventory to Gilmore Corporation, $10,500, on account, terms 3/10, n/EOM. Cost of goods, $5,775. FOB shipping point Paid freight bill of $35 on November 10 sale Sold merchandise inventory to Cannon Company, $9,400, on account, terms of n/45. Cost of goods, $5,170 FOB shipping point Paid the amount owed on account from November 4, less return and discount Received defective inventory as a sales retum from the November 13 sale, $200 Cost of goods, $110. Purchased inventory of $3,800 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB destination Received cash from Gilmore Corporation, less discount Paid amount owed on account from November 18. less discount Received cash from Cannon Company less retum Purchased inventory from Shary Corporation for cash $12.400 FOB shipping point. Freight in paid to shipping company $240 Print Done 80 73 Q 44 " 54 % 85 A 96 R T 76 32 100 DII & 28 7 17 * 8 F 6 Journalize the following transactions that occurred in November for Thelma's Amusement, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Thelma's Amusement estimates sales returns at the end of each month and has a November 1 balance of $600 (debit) in Estimated Returns Inventory and $750 (credit) in Refunds Payable. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) Nov. 4: Purchased merchandise inventory on account from Valencia Company, $9,600. Terms 1/10, n/EOM, FOB shipping point. Date Nov 4 Accounts Nov. 6: Paid freight bill of $190 on November 4 purchase Date Nov. 0 Accounts Debit Credit Debit Credit Nov. 8: Returned half of the inventory purchased on November 4 from Valencia Company Date Nov. 6 Accounts Debit Credit Nov. 10: Sold merchandise inventory for cash, $1,900. Cost of goods, $760. FOB destination Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Date Accounts Debit Credit Nov. 101 (Click the icon to view the transactions:)) Now journalize the expense related to the November 10 sale-Cost of goods, $760. Date Nov. 10 Accounts com Debit Credit Nov. 11: Sold merchandise inventory to Gilmore Corporation, $10,500, on account, terms 3/10, n/EOM. Cost of goods, $5,775 FOB shipping point Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Date Nov 11 Accounts Debit Credit Now journalize the expense related to the November 11 sale-Cost of goods, $5,775 Date Nov. 11 Accounts Nov. 12: Paid freight bill of $35 on November 10 sale Date Nov. 12) Accounts Debit Credit Debit Credit Nov. 13: Sold merchandise inventory to Cannon Company, $9,400, on account, terms of n/45. Cost of goods, $5,170. FOB shipping point. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Nov. 13 Accounts Debit Now journalize the expense related to the November 13 sale-Cost of goods, $5,170. Date Nov. 13 Accounts Debit Credit Credit Nov. 14: Paid the amount owed on account from November 4, less return and discount. Date Nov. 14 Accounts Debit Credit Nov. 17: Received defective inventory as a sales return from the November 13 sale. $200. Cost of goods, $110. Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following atap Date Nov. 17 Accounts Debit Credit Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned, $110. Date Nov. 17 Accounts Debit Credit Nov. 18: Purchased inventory of $3,800 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB destination Date Nov. 18 Accounts Debit Credit Nov. 20: Received cash from Gilmore Corporation, less discount Date Nov. 20 Accounts Nov. 26: Paid amount owed on account from November 18, less discount. Date Nov 26 Accounts Debit Credit Debit Credit Nov. 28: Received cash from Cannon Company, less retum Date Nov. 20 Accounts Debit Credit Nov. 2 Purchased inventory from Shanley Corporation for cash, $12.400, FOB shipping point Freight in paid to shipping company $240 Start by preparing the entry to record the purchase of inventory. Do not recond the freight. We will do that in the following step Date Nov 20 Accounts Now record the freight paid to shipping company $240 Date Nov. 20 Accounts D Credit Deb Cred