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please write it properly in columns and show credit and debit as well Question 1 [20 points] Prepare journal entries for November, 2014 to record
please write it properly in columns and show credit and debit as well
Question 1 [20 points] Prepare journal entries for November, 2014 to record the following transactions for Gulf Corp. Assume a perpetual inventory system. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). November 3: Gulf Corp. purchased merchandise on credit from Callaho Inc., terms 2/15, n/60, $7,000, FOB destination. November 10: Gulf Corp. purchased equipment by paying $4,200. November 16: Gulf Corp. purchased merchandise on credit from Bentley Inc., terms 2/15, n/60, $7,100, FOB destination. November 23: Paid the amount due to Callaho Inc. for the November 3 purchase. November 28: After negotiations with Bentley Inc. concerning problems with the merchandise purchased on November 16, received a credit memorandum granting a price reduction of $1,700. November 30: Paid Bentley Inc. the balance due. Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJS Date Account/Fxplanation Debit Credit F - + + - 1 +Step by Step Solution
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