Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please make accounting journal entries for the following transactions (please also show me what Journal it is and breakdown calculations if there are amounts you

image text in transcribed
Please make accounting journal entries for the following transactions (please also show me what Journal it is and breakdown calculations if there are amounts you need to calculate 1. Nov 1, 2019 Business owner James Patterson purchased $30,200 inventory for the business and paid it using his personal money 2. Nov3, 2019 Sold inventory on credit to KCG Inc. $27,800, cost $9,000, term 2/10, 1/30. 3, Nov4, 2019 received DHL bill for the delivery charges $300 regarding Nov 1, 2019 Inventory purchase, paid in cash. 4. Novs, 2019 KCG Inc returned $2,500 over-ordered inventory back to business (cost is $850). The return iterns were still in good condition. So, business stocked them back. 5. Nov8, 2019 Received a debit memo from KCG Inc. for an error that overstated the total invoice by $55. 6, Nov11, 2019 Business bought $13,500 inventory with a trade discount of 35% from JCY Ltd. term. 2/5,1/30. 7. Nov13, 2019 received KCG's money in full

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Analytical Corporate Finance

Authors: Angelo Corelli

1st Edition

3319395483, 9783319395487

More Books

Students also viewed these Accounting questions

Question

Describe how to get and give criticism effectively.

Answered: 1 week ago