Question

vendor or customer name. (Record debits first, thon credits, Exclude explanations from joumal entries.) (Click the loon to view the transactions.) More Info Nov. 14 Terms 3/10, VEOM, FOB shipping point 6 Paid freight bill of $110 on November 4 purchase 8 Retuned half of the inventory purchased on November 4 from Valsad Company 10 Sold inventory for cash, $1,500 Cost of goods, $800. FOB 11 Sold merchandise inventory to Garfeld Corporation, $10,900, on account. Tems 2/10, nVEOM. Cost of goods, $5,450. FOB shipping point 11 sale 12 Paid freight bill of $40 on November 10 sale 13 Sold nventory to Caan Company for $9,600 on account, terms of 3/15, n/45. Cost of goods, $4,800. FOB shipping point 14 Paid the amount owed on account from November 4, loss returm and discount 16 Ater Nov. 16 granted a $500 allowance to Garteld Corporation on nventory as a Cost of goods, $300 defective inventory as a sales reburn from the November 13 sale, $800. Cost of goods, $300 inventory of $4,200 on account from Richards Corporation Payment Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inven less alowance and discount 26 Paid amount owed 28 Received on account from November 18, less discount cash from Caan Company, less retum and discount Nov. 17 Purchased inventory fhom Sugarman Corporation for cash, $12.300, FOB shipp Print Done 名0 0

Answer 1

Date Account Title & Explanation Debit Credit 4-Nov Merchandise Inventory 5,000 Accounts Payable - Valsad Company 5,000 6-Nov Freight In 110 Cash 110 8-Nov Accounts Payable - Valsad Company 2,500 Merchandise Inventory 2,500 10-Nov Cash 1,500 Sales Revenue 1,500 Cost of Goods Sold 600 Merchandise Inventory 600 11-Nov Accounts Receivable - Garfield Corporation Sales Revenue 10,900 10,900 Cost of Goods Sold 5.450 Merchandise Inventory 5.450 12-Nov Freight In 40 Cash 40

9 9 13-Nov Accounts Receivable - Caan Company 9,600 Sales Revenue 9,600 Cost of Goods Sold 4,800 Merchandise Inventory 4,800 5 14-Nov Accounts Payable - Valsad Company 2,500 Merchandise Inventory Cash 75 2,425 16-Nov Sales Return & Allowances 500 Accounts Receivable - Garfield Corporation 500 2 17-Nov Sales Return & Allowances 600 Accounts Receivable -Caan Company 600 Merchandise Inventory 300 Cost of Goods Sold 300 3 18-Nov Merchandise Inventory 4,200 Accounts Payable - Richards Corporation 4,200

18-Nov Merchandise Inventory 4,200 Accounts Payable - Richards Corporation 4,200 20-Nov Cash 10,192 208 Sales Discount Accounts Receivable - Garfield Corporation 10,400 26-Nov Accounts Payable - Richards Corporation 4,200 Merchandise Inventory Cash 84 4,116 28-Nov Cash 8,730 270 Sales Discount Accounts Receivable - Caan Company 9,000 29-Nov Merchandise Inventory 12,300 Cash 12,300 Freight In 210 Cash 210