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NorthWave Products has provided you with the following transactions for the month of November 2016. Nov 8 Purchased $229,300 of inventory on account, terms
NorthWave Products has provided you with the following transactions for the month of November 2016. Nov 8 Purchased $229,300 of inventory on account, terms 2/10, net 30 Nov 10 A portion of the inventory from the above purchase was defective. NorthWave returned $110 worth of inventory to the supplier. Nov 12 Sold $108,500, of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $43,400 for this transaction. Nov 14 Customer from Nov 12 purchase paid their amount owing and claimed their discount. Nov 21 A customer returned $880 of goods purchased on account. The cost of goods sold for the returned inventory is $528. Nov 22 Purchased goods from EastCoast Products on account for $19,700 with terms of 3/10, net 30. Nov 23 Made a cash sale of $9,400 The cost of goods sold for this transaction was $5,640. Nov 25 Took advantage of discount offered and paid up amount owing to EastCoast Products from Nov 22 purchase.
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