Question
Prepare the journals in the following boxes. Write only proper account names in the text inputs (account to be debited/credited) and only values without any
Prepare the journals in the following boxes. Write only proper account names in the text inputs (account to be debited/credited) and only values without any signs in the numerical input (amount) boxes.
Journals
On November 1, Robinhood Footwear Limited started Footwear Business. The company uses a periodic inventory system. During November, the following transactions and events occurred. (If your answer comes in decimal, round it up to the nearest integer value)
Instructions: Journalize the transactions in the following table for the month of November for Robinhood Footwear Limited using a periodic inventory system. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 5 Purchased merchandise for cash $1100 from Topford Co. The buyer also made a cash payment of $330 for the freight on this date.
Account to be debited is (higher of the two amount) ________?
Amount is $ ________
Account to be debited is (lower of the two amount) _________?
Amount is $ ________
Account to be credited is __________?
Amount is $ ________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 10 Received refund for poor quality merchandise from supplier on cash purchase $280.
Account to be debited is _________?
Amount is $ ________
Account to be credited is _________
Amount is $ ________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
November 14 Sold merchandise on account $4600, terms 1/10, n/30. The cost of the merchandise sold was 3300.
Account to be debited is ________
Amount is $ ________
Account to be credited is __________
Amount is $ ________
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