This is a list of purchases and sales transactions that occurred in the month of

Question

This is a list of purchases and sales transactions that occurred in the month of November. Correctly journalize these transactions below. Use Smart Entry when dropdowns are not available. For compound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4200. November 2 Pid freight-in costs FOB shipping point, $200 November 6 Returned part of inventory purchased on 11/1 for a credit, $840. November 8 Sold inventory on credit, terms 2/10, n/30, $3680. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $736 November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17Collected in full for the sale on 11/8

Explanation / Answer

01-Nov Purchases 4200            Accounts payable 4200 02-Nov Freight in 200            Cash 200 06-Nov Accounts paybale 840             Purchase return and allowance 840 08-Nov Accounts receivable 3680              Sales 3680 10-Nov Accounts payable 1680              Cash 1646.4               Purchase discount 33.6 15-Nov Sales return and allowance 736               Accounts receivable 736 16-Nov Accounts payable 1680               Cash 1680 17-Nov Cash 2885.12 Sales discount 58.88             Accounts receivable 2944

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