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Purchased merchandise inventory on account from Vanderbilt Company, $10,000. Terms 1/10, n/EOM, FOB shipping point. Paid freight bill of $190 on November 4 purchase. Returned
Purchased merchandise inventory on account from Vanderbilt Company, $10,000. Terms 1/10, n/EOM, FOB shipping point. Paid freight bill of $190 on November 4 purchase. Returned half of the inventory purchased on November 4 from Vanderbilt Company .4 6 8 10 Sold merchandise inventory for cash, $1,800. Cost of goods, $720. FOB destination 11 Sold merchandise inventory to Gilmore Corporation, $10,000, on account, terms 2/10, n/EOM. Cost of goods, $5,500, FOB shipping point. 12 Paid freight bill of $40 on November 10 sale. 13 Sold merchandise inventory to Cabot Company, $9,200 on account, terms of n/45. Cost of goods, $4,600. FOB shipping point. 14 Paid the amount owed on account from November 4, less return and discount. 17 Received defective inventory as a sales return from the November 13 sale, $200. Cost of goods, $100 18 Purchased inventory of $3,500 on account from Richards Corporation. Payment terms were 1/10, n/30, FOB destination 20 Received cash from Gilmore Corporation, less discount 26 Paid amount owed on account from November 18, less discount. 28 Received cash from Cabot Company, less return. 29 Purchased inventory from Sugarman Corporation for cash, $12.400, FOB shipping point. Freight in paid to shipping company, $230
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