Question

Blackboard Learn More My Courses Northern Colony SHAWLL.on.ca Nexube Homework due 7/6/20 Savet Help Save & Submit Check my work 2 10 points spoed Refer to the following merchandising transactions for Scout Systems No. 1 Seout yetens purchases marchandise for $4,400 on eredit with term of 2/10, n/30. 5 Bout Byte pay for the previo purchase 1 Seot Blytos receives payment for returned defective merchandise of $500 that 10 Book Syut payo 9400 to transport merchandise to the store. 13 sout en mile merchandies for 6,500 on to the cost of the merchandise was $4,200. 16 A otomer return archandise from the November 13 transaction. The returned item sold for $1,200 and 8780. The item will be returned to investory. Journalize the above transactions for Scout Systems assuming a periodic system. ( no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list References Journal entry worksheet 7 5 1 2 Record purchases on account for $4,400, redt terms of 9/10,30 Debe Date Nov 1 < Prev 2 of 9 il Next > GE MacBook Air ese

Answer 1

Answer: Journal Entries Date General journal Nov-01 Purchases A/C Account Payable A/C Credit Debit $ 4,400 $ 4,400 $ 4,400 Nov-05 Account Payable A/c Discount Received A/C Cash A/C $ 88 4,312 $ $ 500 Nov-07 Cash A/C Purchases return and Allowances A/C $ 500 $ 400 Nov-10 Freight Expenses A/C Cash A/C $ 400 $ 6,500 Nov-13 Accounr Receivables A/C Sales Revenue A/S $ 6,500 $ 1,200 Nov-16 Sales Return and Allownces A/C Accounr Receivables A/C $ 1,200 Note: Maintain Books in Perodic system.