what will the answer be for oct 11, the one in the red box, please provide an explanation as well
Support Presented below are selected transactions for Concord Company during September and October of the current year. Concord uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $50,000, FOB destination, terms 1/15,n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2.900 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $94,200, terms 2/10,n/30, FOB destination. 16 The correct company paid $2,000 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5.800 for returned goods. These goods had cost Concord Company $2,900 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance owing for the September 1 purchase. Oct. 1 Purchased merchandise on account from Kimmel Company at a cost of $60,000, terms 2/10,n/30, FOB shipping point. The correct company paid freight costs of $1,100 on the October 1 purchase. 3 Obtained a purchase allowance of $2,100 from Kimmel Company to compensate for some minor damage to goods purchased on October 1. 10 Paid Kimmel Company the amount owing on the October 1 purchase. 11 Sold all of the merchandise purchased from Kimmel Company to Kieso Company for $116,000, terms 2/10,n/30, FOB shipping point 12 The correct company paid $800 freight costs on the October 11 sale. 17 Issued Kieso Company a sales allowance of $1,900 because some of the goods did not meet Kieso's exact specifications. 31 Received a cheque from Kieso Company for the balance owing on the October 11 sale. Prepare journal entries to record the above transactions for Concord Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Sept. 1 Account Titles and Explanation Merchandise Inventory 50000 50000 Accounts Payable (Purchase on account.) No Entry Sept2 No Entry (To record payment of freight costs.) Oct. 2 Y Merchandise Inventory Cash (To record freight on purchase.) Accounts Payable 1100 Oct 3 Merchandise Inventory (To record purchase allowance.) Accounts Payable Oct. 10 Merchandise Inventory Oct. 11 Cash (To record payment on account) Accounts Receivable | Sales (To record sales on account.) cost of Goods Sold 116000 Oct. 11 Merchandise Inventory (To record cost of goods sold) No Entry Oct. 12 No Entry (To record payment of freight costs.) Sales Returns and Allowances Oct. 17 Accounts Recevable (To record sales allowance.) Oct. 31 1 cash Accounts Receivable 114100 Collection on account.)
