Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases merchandise for $4,40e on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $580 that was purchased on November 1. 18 Scout Systems pays $40e to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $78e. The item will be returned to inventory.
Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases merchandise for $4,40e on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $580 that was purchased on November 1. 18 Scout Systems pays $40e to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $78e. The item will be returned to inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I only need the answer for 1b question. Thanks!

Transcribed Image Text:b. Journalize the above transactions for Scout Systems assuming a perpetual system.
View transaction list
Journal entry worksheet
< 1 2 3 4
6 7 8
>
Record payment of freight charges $400.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov. 10
Record entry
Clear entry
View general journal

Transcribed Image Text:Refer to the following merchandising transactions for Scout Systems.
Nov. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/18, n/30.
5 Scout Systems pays for the previous purchase.
7 Scout Systems receives payment for returned defective merchandise of $500 that was
purchased on November 1.
10 Scout Systems pays S400 to transport merchandise to its store.
13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was
$4, 200.
16 A customer returns merchandise from the November 13 transaction. The returned item sold
for $1,200 and cost $780. The item will be returned to inventory.
a. Journallize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred
for a transactlon/event, select "No Journal entry requlred" in the first account fleld.)
View transaction list
Journal entry worksheet
3 4
5 6 7 8
>
2
Record purchases on account for $ 4,400; credit terms of 2/10, n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov. 1
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