Nov. 6 Nov. 8 Nov. 10 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 17 Nov. 18 Nov. 20 Purchased merchandise inventory on account from Valencia Company, $11,000. Terms 1/10, n/EOM, FOB shipping point. Paid freight bill of $120 on November 4 purchase. Returned half of the inventory purchased on November 4 from Valencia Company. Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination. Sold merchandise inventory to Gregory Corporation, $10,900, on account, terms 2/10, n/EOM. Cost of goods, $5,995. FOB shipping point. Paid freight bill of $80 on November 10 sale. Sold merchandise inventory to Cale Company, $9,200, on account, terms of n/45. Cost of goods, $5,060. FOB shipping point. Paid the amount owed on account from November 4, less return and discount. Received defective inventory as a sales return from the November 13 sale, $100. Cost of goods, $55. Purchased inventory of $4,100 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB destination. Received cash from Gregory Corporation, less discount.
Nov. 6 Nov. 8 Nov. 10 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 17 Nov. 18 Nov. 20 Purchased merchandise inventory on account from Valencia Company, $11,000. Terms 1/10, n/EOM, FOB shipping point. Paid freight bill of $120 on November 4 purchase. Returned half of the inventory purchased on November 4 from Valencia Company. Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination. Sold merchandise inventory to Gregory Corporation, $10,900, on account, terms 2/10, n/EOM. Cost of goods, $5,995. FOB shipping point. Paid freight bill of $80 on November 10 sale. Sold merchandise inventory to Cale Company, $9,200, on account, terms of n/45. Cost of goods, $5,060. FOB shipping point. Paid the amount owed on account from November 4, less return and discount. Received defective inventory as a sales return from the November 13 sale, $100. Cost of goods, $55. Purchased inventory of $4,100 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB destination. Received cash from Gregory Corporation, less discount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer in detail with full explanation , computation , formulation with steps so that I can understand the solution
please answer in text not image
Transcribed Image Text:Nov. 4
Nov. 6
Nov. 8
Nov. 10
Nov. 11
Nov. 12
Nov. 13
Nov. 14
Nov. 17
Nov. 18
Nov. 20
Nov. 26
Nov. 28
Nov. 29
Purchased merchandise inventory on account from Valencia Company, $11,000. Terms 1/10, n/EOM, FOB shipping
point.
Paid freight bill of $120 on November 4 purchase.
Returned half of the inventory purchased on November 4 from Valencia Company.
Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination.
Sold merchandise inventory to Gregory Corporation, $10,900, on account, terms 2/10, n/EOM. Cost of goods, $5,995.
FOB shipping point.
Paid freight bill of $80 on November 10 sale.
Sold merchandise inventory to Cale Company, $9,200, on account, terms of n/45. Cost of goods, $5,060. FOB
shipping point.
Paid the amount owed on account from November 4, less return and discount.
Received defective inventory as a sales return from the November 13 sale, $100. Cost of goods, $55.
Purchased inventory of $4,100 on account from Russo Corporation. Payment terms were 2/10, n/30, FOB
destination.
Received cash from Gregory Corporation, less discount.
Paid amount owed on account from November 18, less discount.
Received cash from Cale Company, less return.
Purchased inventory from Sampson Corporation for cash, $11,800, FOB shipping point. Freight in paid to shipping
company, $250.
Transcribed Image Text:Journalize the following transactions that occurred in November for Ellie's Maze Town, 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. Ellie's Maze Town estimates sales returns at the end of each month and has a November 1
balance of $600 (debit) in Estimated Returns Inventory and $650 (credit) in Refunds Payable. (Record debits first, then
credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.)
i (Click the icon to view the transactions.)
Nov. 4: Purchased merchandise inventory on account from Valencia Company, $11,000. Terms 1/10, n/EOM, FOB
shipping point.
Date
Nov. 4
……..
Accounts
Debit
Credit
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