The following selected transactions were completed during November between R & R Projectz Co. and Creative Company:
Nov. 8. R & R Projectz sold merchandise on account to Creative Company, $24,750, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $14,850.
8. R & R Projectz paid freight of $640 for delivery of merchandise sold to Creative Company on November 8.
12. Creative Company returned $5,750 of merchandise purchased on account on November 8 from R & R Projectz. The cost of the goods returned was $3,000.
23. Creative Company paid R & R Projectz for purchase of November 8, less discount and less return of November 12.
Instructions
Journalize the November transactions for
(1) R & R Projectz
(2) Creative Company, assuming both companies use the perpetual inventory system.