Question
On November 1, Brotherhood Footwear Limited started Footwear Business. The company uses a perpetual inventory system. During November, the following transactions and events occurred. Instructions:
On November 1, Brotherhood Footwear Limited started Footwear Business. The company uses a perpetual inventory system. During November, the following transactions and events occurred.
Instructions: Journalize the transactions in the following table for the month of November for Brotherhood Footwear Limited using a perpetual inventory system. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 5 Purchased shoes, sandals and other inventory on account from Topford Co. $1500, FOB shipping point, terms 2/10, n/60. The appropriate party also made a cash payment of $270 for the freight on this date.
Account to be debited is
unanswered
Amount is $ ________
unanswered
Account to be credited is (higher of the two amount)
unanswered
Amount is $ ________
unanswered
Account to be credited is (lower of the two amount)
unanswered
Amount is $ ________
unanswered
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 10 Received credit from Topford Co. for merchandise returned $300.
Account to be debited is
unanswered
Amount is $ ________
unanswered
Account to be credited is
unanswered
Amount is $ ________
unanswered
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 14 Paid Topford Co. in full.
Account to be debited is
unanswered
Amount is $ ________
unanswered
Account to be credited is (higher of the two amount)
unanswered
Amount is $ ________
unanswered
Account to be credited is (lower of the two accounts)
unanswered
Amount is $ ________
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