Question
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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