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PLEASE SUPER URGENT MC Company sells beverage supplies. The following transactions occurred during the month of November were not recorded in the books: Nov. 1

PLEASE SUPER URGENT

MC Company sells beverage supplies. The following transactions occurred during the month of November were not recorded in the books:

Nov. 1 Purchae $5,000 of merchandise inventory on account

4 Sold merchandise for $1,000 on account to JJ Company, terms 3/10, n/30, FOB shipping point. The original cost of the merchandise to MC was $400.

5 The correct company paid freight charges of $30.

8 JJ returned goods with a selling price of $200 and a cost of $40. The goods are restored to inventory.

11 Received the correct payment from JJ.

30 MC accounted picked up the following events that needed to be recorded

Utilities of $300 are unpaid.

Record depreciation expense of $600 for November

Instructions

Prepare journal entries to record the above transactions for MC Company under a perpetual inventory system.

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