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Need Help with Nov 28. please explain how you did it Nov. 28: Received cash from Cabbell Company, less return. Nov. 4 Purchased merchandise inventory
Need Help with Nov 28. please explain how you did it
Nov. 28: Received cash from Cabbell Company, less return. Nov. 4 Purchased merchandise inventory on account from Valera Company, $8,000. Terms 2/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $120 on November 4 purchase. Nov. 8 Returned half of the inventory purchased on November 4 from Valera Company. Nov. 10 Sold merchandist inventory for cash, $1,100. Cost of goods, $440. FOB destination. Nov. 11 Sold merchandise inventory to Graceland Corporation, $10,800, on account, terms 2/10, n/EOM. Cost of goods, $5,940. FOB shipping point. Nov. 12 Paid freight bill of $20 on November 10 sale. Nov. 13 Sold merchandise inventory to Cabbell Company, $9,600, on account, terms of : n/45. Cost of goods, $5,280. 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 $3,600 on account from Richards Corporation. Payment terms were 3/10,n/30, FOB destination. Nov. 20 Received cash from Graceland Corporation, less discount. Nov. 26 Paid amount owed on account from November 18 , less discount. Nov. 28 Received cash from Cabbell Company, less return Step by Step Solution
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