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Chapter 5. Merchandising Operations P5-32A Journalizing purchase and sale transactions Journalize the following transactions that occurred in November 2016 for May's Adventure Park. No explanations

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Chapter 5. Merchandising Operations P5-32A Journalizing purchase and sale transactions Journalize the following transactions that occurred in November 2016 for May's Adventure Park. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Nov. 4 Purchased merchandise inventory on account from Valera Company, $8,000. Terms 1/10, n/EOM, FOB shipping point. 6 Paid freight bill of $160 on November 4 purchase. 8 Returned half the inventory purchased on November 4 from Valera Company. 10 Sold merchandise inventory for cash, $1,700. Cos of goods, $680. FOB destination. 11 Sold merchandise inventory to Garrison Corporation, \$10,300, on account, terms of 3/10, n/EOM. Cost of goods, $5,150. FOB shipping point. 12 Paid freight bill of $30 on November 10 sale. 13 Sold merchandise inventory to Cain Company, $9,000, on account, terms of 1/15, n/45. Cost of goods, $4,500. FOB shipping point. 14 Paid the amount owed on account from November 4 , less return and discount. 16 After negotiations, granted a $200 allowance to Garrison Corporation on November 11 sale. 17 Received defective inventory as a sales return from the November 13 sale, $400. Cost of goods, $200. 18 Purchased inventory of $3,700 on account from Regan Corporation. Payment terms were 2/10,n/30, FOB destination

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