Question

Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land​, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.Sam's Adventure Land estimates sales returns at the

Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) More Info Nov. 4: Purchased merchandise inventory on account from Vavoom Company, $9,600. Terms 2/10, n/EOM, FOB shipping point. Date Accounts Debit Credit Nov. Nov. 4 4 Purchased merchandise inventory on account from Vavoom Company, $9,600. Terms 2/10, n/EOM, FOB shipping point. 6 Paid freight bill of $170 on November 4 purchase. 8 Returned half of the inventory purchased on November 4 from Vavoom Company 10 Sold merchandise inventory for cash, $1,600. Cost of goods, $640. FOB destination. 11 Sold merchandise inventory to Garfield Corporation, $10,300, on account, terms 3/10, n/EOM. Cost of goods, $5,665. FOB shipping point. 12 Paid freight bill of $80 on November 10 sale. 13 Sold merchandise inventory to Cabato Company, $9,300 on account, terms of n/45. Cost of goods, $5,115. FOB shipping point. 14 Paid the amount owed on account from November 4, less return and discount. 17 Received defective inventory as a sales return from the November 13 sale, $300. Cost of goods, $165. 18 Purchased inventory of $4,000 on account from Ruffman Corporation. Payment terms were 3/10, n/30, FOB destination. 20 Received cash from Garfield Corporation, less discount. 26 Paid amount owed on account from November 18. less discount. 28 Received cash from Cabato Company, less return. 29 Purchased inventory from Sanders Corporation for cash, $11,700, FOB shipping point. Freight in paid to shipping company, $160. Print Done

Answer 1

Date(Nov 2018) Accounts 4 Purchase a/c To Vavroom company(Accounts Payable) Debit ($) 9,600.00 Credit($) 9,600.00 Frieght a/c (Purchase) 170.00 To Cash a/c 170.00 1 8 4,800.00 Vavroom company(Accounts Payable) To Purchase return a/c 4,800.00 10 Cash a/c 1,600.00 To Sales a/c 1,600.00 11 10,300.00 Garfield corporation a/c (Accounts receivable) To Sales a/c 10,300.00 12 Frieght a/c (Sale) I To cash a/c 80.00 80.00 13 9,300.00 Cabato company a/c (Accounts Receivable) To Sales a/c 9,300.00 1 4 4,800.00 Vavroom company(Accounts Payable) To Discount received a/c(Income) To Cash a/c 96.00 4,704.00

Sales Return a/c 300.00 To Cabato Company 300.00 18 4,000.00 Purchase a/c To Ruffman corporation (Accounts Payable) 4,000.00 Cash a/c Cash Discount a/c (Expense) To Garfield corporation 9,991.00 309.00 10,300.00 4,000.00 Ruffman corporation a/c To Discount Received(Income) To cash a/c 120.00 3,880.00 28 Cash a/c 9,000.00 To Cabato Company 9,000.00 29 11,700.00 Purchase a/c To Sanders Corporation(Accounts Payable) 11,700.00 Frieght a/c (Purchase) 160 To Cash a/c 160