Nov. 4 Nov. 6 Nov. 8 Nov. 10 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 17 Nov. 18 Purchased merchandise inventory on account from Vera Company, $7,000. Terms 2/10, n/EOM, FOB shipping point. Paid freight bill of $130 on November 4 purchase. Returned half of the inventory purchased on November 4 from Vera Company. Sold merchandise inventory for cash, $1,800. Cost of goods, $720. FOB destination. Sold merchandise inventory to Garfunkel Corporation, $10,200, on account, terms 1/10, n/EOM. Cost of goods, $5,610. FOB shipping point. Paid freight bill of $60 on November 10 sale. Sold merchandise inventory to Cain Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. FOB shipping point. Paid the amount owed on account from November 4, less return and discount. Received defective inventory as a sales return from the November 13 sale, $600. Cost of goods, $330. Purchased inventory of $3,500 on account from Rockport Corporation. Payment Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 17 Nov. 18 Nov. 20 Nov. 26 Nov. 28 Nov. 29 Sold merchandise inventory to Garfunkel Corporation, $10,200, on account, terms 1/10, n/EOM. Cost of goods, $5,610. FOB shipping point. Paid freight bill of $60 on November 10 sale. Sold merchandise inventory to Cain Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. FOB shipping point. Paid the amount owed on account from November 4, less return and discount. Received defective inventory as a sales return from the November 13 sale, $600. Cost of goods, $330. Purchased inventory of $3,500 on account from Rockport Corporation. Payment terms were 1/10, n/30, FOB destination. Received cash from Garfunkel Corporation, less discount. Paid amount owed on account from November 18, less discount. Received cash from Cain Company, less return. Purchased inventory from Sampson Corporation for cash, $12,200, FOB shipping point. Freight in paid to shipping company, $210. Nov. 4: Purchased merchandise inventory on account from Vera Company, $7,000. Terms 2/10, n/EOM, FOB shipping point. Date Nov. 4 Accounts Nov. 6: Paid freight bill of $130 on November 4 purchase. Date Nov. 6 Accounts Debit Credit Debit Credit v. 8: Returned half of the inventory purchased on November 4 from Vera Company. Date v. 8 Accounts Debit Credit ov. 10: Sold merchandise inventory for cash, $1,800. Cost of goods, $720. FOB destination. gin 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: ov 10 Accounts Debit Credit Now journalize the expense related to the November 10 sale-Cost of goods, $720. Date Nov. 10 Accounts Debit Credit Nov. 11: Sold merchandise inventory to Garfunkel Corporation, $10,200, on account, terms 1/10, n/EOM. Cost of goods, $5,610. 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 Nov. 11 Accounts Debit Credit Now journalize the expense related to the November 11 sale-Cost of goods, $5,610. Date Nov. 11 Accounts Nov. 12: Paid freight bill of $60 on November 10 sale. Date Nov. 12 Accounts Debit Credit Debit Credit Nov. 13: Sold merchandise inventory to Cain Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. 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 Nov. 13 Accounts Debit Now journalize the expense related to the November 13 sale-Cost of goods, $5,225. Date Nov. 13 Accounts Debit Credit Credit Nov. 14: Paid the amount owed on account from November 4, less return and discount Date Nov 14 Accounts Debit Credit Nov. 17: Received defective inventory as a sales return from the November 13 sale, $600. Cost of goods, $330 Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Nov. 17 Accounts Debit Credit Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned, $330. Date Accounts Debit Credit Nov. 17 Nov. 18: Purchased inventory of $3,500 on account from Rockport Corporation. Payment terms were 1/10, n/30, FOB destination. Date Nov. 18 Accounts Debit Credit Nov. 20: Received cash from Garfunkel Corporation, less discount. Date Nov. 20 Accounts Nov. 26: Paid amount owed on account from November 18, less discount. Date Nov. 26 Accounts Debit Credit Debit Credit Nov. 28: Received cash from Cain Company, less return. Date Nov. 28 Accounts Debit Credit Nov. 29: Purchased inventory from Sampson Corporation for cash, $12,200, FOB shipping point. Freight in paid to shipping company, $210. 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 Nov. 29 Accounts Debit Credit Now record the freight paid to shipping company, $210. Date Nov. 29 Accounts Debit Credit