Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

cant figure out the last part Homework: Homework 5 Save Score: 0.31 of 1 pt 5 of 10 (5 complete) HW Score: 42.79%, 4.28 of

image text in transcribedcant figure out the last part

Homework: Homework 5 Save Score: 0.31 of 1 pt 5 of 10 (5 complete) HW Score: 42.79%, 4.28 of 10 pts & S5-7 (similar to) E Question Help On November 4, 2018. Cave Company sold merchandise inventory on account to Teal wolesalers, $17,000, that cost $5,200. Terms 2 / 10 n/30 On November 5, 2018, Teal Wholesalers paid shipping of $55. Teal Wholesalers paid the balance to Cave Company on November 13, 2018. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.) Read the requirements Requirement 1. Journalize Teal Wholesaler's November transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 4: Purchased merchandise inventory on account from Cave Company for $17,000, terms 2/10, n/30. Date Accounts Debit Credit Nov. 4 17,000 Accounts Payable 17,000 To record the purchase of inventory on account. Nov. 5: Paid shipping of S55 Date Accounts Debit Credit Nov. 5 Merchandise Inventory Cash To record payment of shipping costs. Nov. 13: Paid the balance to Cave Company. Date Accounts Debit Credit Nov. 13 Accounts Payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing For Managers The Ultimate Risk Management Tool

Authors: K. H. Spencer Pickett, Jennifer M. Pickett

1st Edition

0470090987, 978-0470090985

More Books

Students also viewed these Accounting questions