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

Perpetual inventory system is the method of recording stores balances after every receipts and issue for regular checking of the stock value without waiting for the end of the accounting period. Various methods are LIFO, FIFO, Weighted average method.Journal Date Account Titles and Explanation Debit Credit Nov-14 Inventory $2,325.50 Accounts payable $2,325.50 Nov-24 Accounts payable $ 125.00 Inventory $ 125.00

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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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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

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