Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Merchandising Learning Obje 5.324 Joumali Journalise the follo Journalizing purchase and sale transactions te the following transactions that occurred in November 2016 for May's ure

image text in transcribed
Merchandising Learning Obje 5.324 Joumali Journalise the follo Journalizing purchase and sale transactions te the following transactions that occurred in November 2016 for May's ure Park. No explanations are needed. Identify each accounts payable and ors receivable with the vendor or customer name. Nov. 14 Merch. In Adventure Park. No accounts receivable 6 8 10 11 12 13 14 16 Purchased merchandise inventory on account from Valera Company. 58,000 Terms 1/10, VEOM, FOB shipping point. Paid freight bill of $160 on November 4 purchase. Returned half the inventory purchased on November 4 from Valera Company Sold merchandise inventory for cash, $1,700. Cost of goods, $680. FOB destination Sold merchandise inventory to Garrison Corporation, $10,300, on account, terms of 3/10, IVEOM. Cost of goods, $5,150. FOB shipping point. Paid freight bill of $30 on November 10 sale. Sold merchandise inventory to Cain Company $9,000, on account, terms of 1/15, 1/45. Cost of goods, $4,500. FOB shipping point Paid the amount owed on account from November 4, less return and discount. After negotiations, granted a $200 allowance to Garrison Corporation on November 11 sale. Received defective inventory as a sales return from the November 13 sale, $400. Cost of goods, $200. Purchased Inventory of $3,700 on account from Regan Corporation Payment terms were 2/10, 1/30, FOB destination. Received cash from Garrison Corporation, less allowance and discount. Paid amount owed on account from November 18, less discount. Received cash from Cain Company, less return and discount. Purchased inventory from Sanders Corporation for cash, $12,000, FOB shipping point. Freight in paid to shipping company. $200. 17 18 20 26 28 29

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

Applications Of Accounting Information Systems

Authors: David M. Shapiro

1st Edition

194999158X, 9781949991581

More Books

Students also viewed these Accounting questions