Required: Journalize the transactions on the books of Thelma’s Amusements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Thelma’s Amusements completed the following transactions during November 2012:
Required: Journalize the transactions on the books of Thelma’s Amusements.

Transcribed Image Text:Question 2
Thelma's Amusements completed the following transactions during November 2012:
Nov 4 Purchased inventory on credit terms of 3/10, n/EOM, $9,600.
8
13
14
Returned half the inventory purchased on November 4. It was not the inventory ordered.
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, $600. Thelma's
cost of the inventory received was $450.
Purchased inventory of $4,100 on account. Payment terms were 2/10, net 30.
Paid the net amount owed for the November 18 purchase less the discount.
|Received cash in full settlement of the account from the customer who purchased inventory
on November 13, less the return and the discount.
|Purchased inventory for cash, $12,000, plus freight charges of $200.
17
18
26
28
29
Required: Journalize the transactions on the books of Thelma's Amusements.
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