More Info Nov. 4 Purchased merchandise inventory on account from Vera Company, $7,000. Terms 3/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $160 on November 4 purchase. Nov. 8 Returned half of the inventory purchased on November 4 from Vera Company. Nov. 10 Sold merchandise inventory for cash, $1,800. Cost of goods, $720. FOB destination Nov. 11 Sold merchandise inventory to Gath Corporation $10,700, on account, terms 2/10, n/EOM. Cost of goods, $5,885. FOB shipping point. Nov. 12 Paid freight bill of $40 on November 10 sale. Nov. 13 Sold merchandise inventory to Caldwell Company, $8,900, on account, terms of n/45. Cost of goods, $4,895. FOB shipping point Nov. 14 Paid the amount owed on account from November 4, less return and discount. Nov. 17 Received defective inventory as a sales return from the November 13 sale, $200. Cost of goods, $110. Nov. 18 Purchased inventory of $3,800 on account from Regan Corporation Payment terms were 2/10,n/30, FOB destination. Nov. 20 Received cash from Gath Corporation, less discount Nov. 26 Paid amount owed on account from November 18, less discount. Nov. 28 Received cash from Caldwell Company, less return Nov, 29 Purchased inventory from Smith Corporation for cash, $12,200, FOB shipping point. Freight in paid to shipping company, $180. ping freig t bit Print Done Journalize the following transactions that occurred in November for Sylvia's Wonder Park, assuming the perpetual inventory system is being used. No vendor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance of $400 (debit) in 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 Vera Company, $7,000. Terms 3/10, NEOM, FOB shipping point Accounts Nov. 4 Date Debit Credit Nov. 6: Paid freight bill of $160 on November 4 purchase. Date Accounts Debit Credit Nov. 6 Nov. 8: Returned half of the inventory purchased on November 4 from Vera Company Date Accounts Debit Credit Nov. 8 Nov. 10: Sold merchandise inventory for cash $1,800. Cost of goods, $720. 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 stop oumalize the following transactions that occurred in November for Sylvia's Wonder Park, assuming the perpetual inventory system is being used. No explanati endor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance of $400 (debit) in Estimated credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Nov. 10: Sold merchandise inventory for cash, $1,800. Cost of goods, $720. FOB destination Begin by preparing the entry to journalize the salo portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Credit Debit Nov. 10 Now journalize the expense related to the November 10 sale--Cost of goods. $720 Date Accounts Debit Credit Nov. 10 Nov. 11: Sold merchandise inventory to Goth Corporation $10,700, on account, terms 2/10, NEOM. Cost of goods, 86,885. 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 Accounts Credit Debit Nov. 11 Now journalize the expense related to the November 11 sale--Cost of goods, S5,885. urnalize the following transactions that occurred in November for Sylvia's Wonder Park, assuming the perpetual inventory system is being used. No expl ndor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance of $400 (debit) in Estima medits. Exclude explanations from joumal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) low journalize the expense related to the November 11 sale-Cost of goods, $5,885. Date Accounts Debit Credit Nov. 11 Nov. 12: Paid freight bill of $40 on November 10 sale Dato Accounts Debit Credit Nov, 12 Nov. 13: Sold merchandise inventory to Caldwell Company, $8,900, on account, forms of n145. Cost of goods, 4,895. 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 Credit Dato Accounts Debit Nov. 13 Now journalize the expense related to the November 13 sale-Cost of goods, $4.895 Journalize the following transactions that occurred in November for Sylvia's Wonder Park, assuming the perpetual inventory system is being used. No en vendor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance of $400 (debit) in Est credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Now journalize the expense related to the November 13 sale-Cost of goods, $4,895. Date Accounts Debit Credit Nov. 13 Nov. 14: Paid the amount owed on account from November 4, less return and discount Dato Accounts Debit Credit Nov. 14 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 retum and decrease the receivable. Do not update the Marchandise Inventory with this entry. We will do that Date Accounts Debit Credit Nov. 17 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise Cost of goods returned, $110. Date Accounts Debit Credit Journalize the following transactions that occurred in November for Sylvia's Wonder Park, assuming the perpetual inventory system is being used vendor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance of $400 (debit) in credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned. $110. Date Accounts Debit Credit Nov. 17 Nov. 18: Purchased inventory of $3,800 on account from Regan Corporation. Payment terms were 2/10, 1/30, FOB destination Date Accounts Debit Credit Nov. 18 Nov. 20: Received cash from Gath Corporation, less discount Date Accounts Debit Credit Nov. 20 Nov. 26: Paid amount owed on account from November 18, los discount Date Accounts Dobit Credit Nov. 26 Journalize the following transactions that vendor or customer name. Sylvia's Wonder Park estimates sales returns at the end of each month and has a November 1 balance o credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Nov. 26: Pald amount owed on account from November 18, less discount. Date Accounts Debit Credit Nov. 26 Nov. 28: Received cash from Caldwell Company, less return. Date Accounts Debit Credit Nov. 28 Nov. 29: Purchased inventory from Smith Corporation for cash. $12,200, FOB shipping pointFreight in paid to shipping company. $180. Start by preparing the entry to record the purchase of inventory. Do not record the freight. We will do that in the following step. Accounts Debit Nov. 29 Date Credit Now record the freight paid to shipping company. $180 Nov. 29: Purchased inventory from Smith Corporation for cash, $12,200, FOB shipping point. Freight in paid to shipping company, Start by preparing the entry to record the purchase of inventory. Do not record the freight. We will do that in the following step. Date Accounts Debit Credit Nov. 29 Now record the freight paid to shipping company, $180 Date Accounts Debit Credit Nov 29