P5-37B (L. OBJ. 2, 3) Journalizing purchase and sale nsactions-perpetual inventory [20-25 min] Trisha's Amusements completed the following transactions during November, 2012: Nov 1 Purchased supplies for cash, $730 4 8 Purchased inventory on credit terms of 3/10 net eom, $2,800 Returned half the inventory purchased on November 4. It was not the inventory ordered. Sold goods for cash, $1,500 (cost, $1,000) Sold inventory on credit terms of 2/15, n/45, $9,900 (cost, $5,300) 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, $500. Trisha's cost of the inventory received was $350. 10 13 14 Purchased inventory of $3,400 on account. Payment terms were 2/10 net 30. Paid the net amount owed for the November 18 purchase 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, $10,000, plus freight charges of $200 18 26 28 Requirement
P5-37B (L. OBJ. 2, 3) Journalizing purchase and sale nsactions-perpetual inventory [20-25 min] Trisha's Amusements completed the following transactions during November, 2012: Nov 1 Purchased supplies for cash, $730 4 8 Purchased inventory on credit terms of 3/10 net eom, $2,800 Returned half the inventory purchased on November 4. It was not the inventory ordered. Sold goods for cash, $1,500 (cost, $1,000) Sold inventory on credit terms of 2/15, n/45, $9,900 (cost, $5,300) 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, $500. Trisha's cost of the inventory received was $350. 10 13 14 Purchased inventory of $3,400 on account. Payment terms were 2/10 net 30. Paid the net amount owed for the November 18 purchase 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, $10,000, plus freight charges of $200 18 26 28 Requirement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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DO NOT GIVE SOLUTION IN IMAGE FORMAT
![Requirements
5-37B (L. OBJ. 2, 3) Journalizing purchase and sale transactions-perpetual inventory
[20-25 min]
Trisha's Amusements completed the following transactions during November, 2012:
Yone worky
Nov 1 Purchased supplies for cash, $730
4
8
10
1. Journalize these transactions on the books of E & S.
2. Journalize these transactions on the books of Acre Pharmaceuticals.
13
14
17
2 222 2
26
18 Purchased inventory of $3,400 on account. Payment terms were 2/10 net 30.
Paid the net amount owed for the November 18 purchase
Received cash in full settlement of the account from the customer who purchased inventory on
November 13, less the return and the discount
28
Purchased inventory on credit terms of 3/10 net eom, $2,800
Returned half the inventory purchased on November 4. It was not the inventory ordered.
Sold goods for cash, $1,500 (cost, $1,000)
Sold inventory on credit terms of 2/15, n/45, $9,900 (cost, $5,300)
Paid the amount owed on account from November 4, less the return (November 8) and the
discount
Received defective inventory as a sales return from the November 13 sale, $500. Trisha's.cost
of the inventory received was $350.
29 Purchased inventory for cash, $10,000, plus freight charges of $200
Requirement
1. Journalize the transactions on the books of Trisha's Amusements.
iono](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffeadf5d7-8d72-4637-aa34-d9ef85edab0d%2F374c59a5-3539-4c7b-9410-3e1aaf51cfa9%2F1tpk3bf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requirements
5-37B (L. OBJ. 2, 3) Journalizing purchase and sale transactions-perpetual inventory
[20-25 min]
Trisha's Amusements completed the following transactions during November, 2012:
Yone worky
Nov 1 Purchased supplies for cash, $730
4
8
10
1. Journalize these transactions on the books of E & S.
2. Journalize these transactions on the books of Acre Pharmaceuticals.
13
14
17
2 222 2
26
18 Purchased inventory of $3,400 on account. Payment terms were 2/10 net 30.
Paid the net amount owed for the November 18 purchase
Received cash in full settlement of the account from the customer who purchased inventory on
November 13, less the return and the discount
28
Purchased inventory on credit terms of 3/10 net eom, $2,800
Returned half the inventory purchased on November 4. It was not the inventory ordered.
Sold goods for cash, $1,500 (cost, $1,000)
Sold inventory on credit terms of 2/15, n/45, $9,900 (cost, $5,300)
Paid the amount owed on account from November 4, less the return (November 8) and the
discount
Received defective inventory as a sales return from the November 13 sale, $500. Trisha's.cost
of the inventory received was $350.
29 Purchased inventory for cash, $10,000, plus freight charges of $200
Requirement
1. Journalize the transactions on the books of Trisha's Amusements.
iono
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