I only need the answer for 1b question. Thanks! b. Journalize the above transactions for Scout Systems assuming a perpetual system.View transaction listJournal entry worksheet< 1 2 3 46 7 8>Record payment of freight charges $400.Note: Enter debits before credits.DateGeneral JournalDebitCreditNov. 10Record entryClear entryView general journal 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 waspurchased 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 soldfor $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 requlredfor a transactlon/event, select "No Journal entry requlred" in the first account fleld.)View transaction listJournal entry worksheet3 45 6 7 8>2Record purchases on account for $ 4,400; credit terms of 2/10, n/30.Note: Enter debits before credits.DateGeneral JournalDebitCreditNov. 1

The journal entries are prepared to keep the record of day to day transactions of the business.

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.

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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