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Question #1 : Miracle Corp. engaged in the following merchandising transactions in November 2017. Nov. 1 Purchased merchandise from Shiven Company for $11,700 which included
Question #1 : Miracle Corp. engaged in the following merchandising transactions in November 2017. Nov. 1 Purchased merchandise from Shiven Company for $11,700 which included freight charges of $200 under credit terms of 1/20, n/45 5 Paid $500 for advertising costs 9 Sold merchandise on credit to Draven Company, terms 3/10, n/60 for $13,670. 12 Purchased merchandise from Leena Company for $9,100 under credit terms of 3/10, n/30 16 Received the balance owed to us from Darven Company for the credit sale made on November 9" 20 Made payment to Shiven Company for the November 1st transaction. 22 The business returned $600 worth of defective merchandise to Leena Company 24 Paid the amount due to Leena Company 28 Sold merchandise on credit to Jules Company, terms 2/15, n/45 for $5,350. 30 Issued credit to Jules Company of $350 for damaged goods returned to us. Required: 1) Prepare the general journal entries for the month of November for Miracle Corp
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