More Info 4 Purchased merchandise inventory on account from Valsad Company, $7,000. Terms 3/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $210 on November 4 purchase. 8 Returned half of the inventory purchased on November 4 from Valsad Company. 10 Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination. 11 Sold merchandise inventory to Gath Corporation, $10,800, on account, terms 2/10, n/EOM. Cost of goods, $5,400. FOB shipping point. 12 Paid freight bill of $40 on November 10 sale. 13 Sold merchandise inventory to Cabot Company, $9,100 on account, terms of n/45. Cost of goods, $4,550. FOB shipping point. 14 Paid the amount owed on account from November 4, less return and discount. 17 Received defective inventory as a sales return from the November 13 sale, $300. Cost of goods, $150. 18 Purchased inventory of $4,600 on account from Russo Corporation. Payment terms were 3/10, n/30, FOB destination. 20 Received cash from Gath Corporation, less discount. 26 Paid amount owed on account from November 18, less discount. 28 Received cash from Cabot Company, less return. 29 Purchased inventory from Shanley Corporation for cash, $12,400, FOB shipping point. Freight in paid to shipping company, $230. P5-34A Journalizing purchase and sale transactions 2010 C