Q1

Journalize the following transactions that occurred in November for May's Adventure Park, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. May's Adventure Park estimates sales returns at the end of each month and has a November 1 balance of $500 (debit) in Estimated Returns Inventory and $800 (credit) in Refunds Payable. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Nov. 4: Purchased merchandise inventory on account from Valsad Company, $10,000. Terms 1/10, n/EOM, FOB shipping point. Nov. 4 Purchased merchandise inventory on account from Valsad Company, $10,000. Terms 1/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $110 on November 4 purchase. Nov. 8 Returned half of the inventory purchased on November 4 from Valsad Company. Nov. 10 Sold merchandise inventory for cash, $1,000. Cost of goods, $400. FOB destination. Nov. 11 Sold merchandise inventory to Garland Corporation, $10,000, on account, terms 1/10, n/EOM. Cost of goods, \$5,000. FOB shipping point. Nov. 12 Paid freight bill of $50 on November 10 sale. Nov. 13 Sold merchandise inventory to Cabot Company, $8,700, on account, terms of n/45. Cost of goods, $4,785. FOB shipping point. Nov. 14 Paid the amount owed on account from November 4, less return and discount. Nov. 17 Received defective inventory as a sales return from the November 13 sale, $300. Cost of goods, $165. Nov. 18 Purchased inventory of $4,000 on account from Rainer Corporation. Payment terms were 2/10, n/30, FOB destination. Nov. 20 Received cash from Garland Corporation, less discount. Nov. 26 Paid amount owed on account from November 18, less discount. Nov. 28 Received cash from Cabot Company, less return. Nov. 29 Purchased inventory from Swift Corporation for cash, \$11,900, FOB shipping point. Freight in paid to shipping company, $200