Journalize Acct 201 Co's November transactions below. Acct 201 uses a perpetual inventory system and the "net" method for recording sales and purchases. Nov. 3 Purchased merchandise on account from ML Co., list price $100,000, trade discount 25%, terms FOB destination, 2/10, n/30. Nov. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. Nov. 6 Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from ML Co. Nov. 8 Sold merchandise on account to Q Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. Nov. 13 Paid ML Co. on account for purchase of November 3, less return of November6. Nov. 14 Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000. Nov. 23 Received cash on account from sale of November 8 to Q Co. Nov. 24 Sold merchandise on account to R Cp., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000. Nov. 28 Paid VISA service fee of $3,540.
Journalize Acct 201 Co's November transactions below. Acct 201 uses a perpetual inventory system and the "net" method for recording sales and purchases.
Nov. 3 Purchased merchandise on account from ML Co., list price $100,000, trade discount 25%, terms FOB destination, 2/10, n/30.
Nov. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.
Nov. 6 Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from ML Co.
Nov. 8 Sold merchandise on account to Q Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400.
Nov. 13 Paid ML Co. on account for purchase of November 3, less return of November6.
Nov. 14 Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000.
Nov. 23 Received cash on account from sale of November 8 to Q Co.
Nov. 24 Sold merchandise on account to R Cp., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000.
Nov. 28 Paid VISA service fee of $3,540.
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