30-Nov Lavarias Partyworld paid Disney & Co. on account for the purchase of November 24. Record this series of transactions in the general journal of Disney & Co. Debit Credit Record this series of transactions in the general journal of Lavarias Partyworld (the company record purchases of merchandise at net cost.) Freight In account is used for inbound deliveries. Debit Credit

30-Nov Lavarias Partyworld paid Disney & Co. on account for the purchase of November 24. Record this series of transactions in the general journal of Disney & Co. Debit Credit Record this series of transactions in the general journal of Lavarias Partyworld (the company record purchases of merchandise at net cost.) Freight In account is used for inbound deliveries. Debit Credit

Name: 30-Nov Lavarias Partyworld paid Disney & Co. on account for the purch
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Description: 30-Nov Lavarias Partyworld paid Disney & Co. on account for the purchase of November 24.Record this series of transactions in the general journal of Disney & Co.DebitCreditRecord this series of transactions in the general journal of Lavarias Partywo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…
The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT
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