Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please make accounting journal entries for the following transactions (please also show me the breakdown calculations if there are amounts you need to calculate 1,
Please make accounting journal entries for the following transactions (please also show me the breakdown calculations if there are amounts you need to calculate 1, Nov1, 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, n/30. 3, Nov4, 2019 received DHL bill for the delivery charges $300 regarding Nov1, 2019 Inventory purchase, paid in cash. 4, Nov5, 2019 KCG Inc. returned $2,500 over-ordered inventory back to business (cost is $850). The return items 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% a from JCY Ltd. term: 2/5, n/30. 7, Nov13, 2019 received KCG's money in full. W
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started