Journalizing purchase and sale transactions perpetual inventory [20-25 min]
Thelma’s Amusements completed the following transactions during November 2012:
Nov 1 | Purchased supplies for cash, $700. |
4 | Purchased inventory on credit terms of 3/10, n/eom, $9,600. |
8 | Returned half the inventory purchased on November 4. It was not the inventory ordered. |
10 | Sold goods for cash, $1,200 (cost, $700). |
13 | Sold inventory on credit terms of 2/15, n/45, $9,900 (cost, $5,300). |
14 | Paid the amount owed on account from November 4, less the return (November 8) and the discount. |
17 | Received defective inventory as a sales return from the November 13 sale, $600. Thelma’s cost of the inventory received was $450. |
18 | Purchased inventory of $4,100 on account. Payment terms were 2/10, net 30. |
26 | Paid the net amount owed for the November 18 purchase. |
28 | Received cash in full settlement of the account from the customer who purchased inventory on November 13, less the return and the discount. |
29 | Purchased inventory for cash, $12,000, plus freight charges of $200. |
Requirement
1. Journalize the transactions on the books of Thelma’s Amusements
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