Nov.1Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, n/30. 5Scout Systems pays for the previous purchase. 7Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10Scout Systems pays $420 to transport merchandise to its store. 13Scout Systems sells merchandise for $6,700 on account. The cost of the merchandise was $4,400. 16A customer returns merchandise from the November 13 transaction. The returned item sold for $1,220 and cost $800. The item will be returned to inventory. Refer to the following merchandising transactions for Scout Systems.Nov. 1 Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, 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 $420 to transport merchandise to its store.13 Scout Systems sells merchandise for $6,700 on account. The cost of the merchandise was $4,400.16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,220 and cost $800. The itemwill be returned to inventory.

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

Answered: Scout Systems purchases merchandise for…

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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Nov.	1	Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, 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 $420 to transport merchandise to its store.
	13	Scout Systems sells merchandise for $6,700 on account. The cost of the merchandise was $4,400.
	16	A customer returns merchandise from the November 13 transaction. The returned item sold for $1,220 and cost $800. The item will be returned to inventory.

Refer to the following merchandising transactions for Scout Systems.
Nov. 1 Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, 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 $420 to transport merchandise to its store.
13 Scout Systems sells merchandise for $6,700 on account. The cost of the merchandise was $4,400.
16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,220 and cost $800. The item
will be returned to inventory.

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