Journalize the following transactions for Moakley Bicycles using the periodic inventory system. Explanations are not required. â(Record debitsâ first, then credits. Exclude explanations from journalâ entries.)
TRANSACTIONS:
Nov.
2
Purchased $2,900 of merchandise inventory on account under terms 33â/10, ân/EOM and FOB shipping point.
6
Returned $700 of defective merchandise purchased on November 2.
8
Paid freight bill of $140 on November 2 purchase.
10
Sold merchandise inventory on account for $6,700. Payment terms were 33â/15, n/45.
11
Paid amount owed on credit purchase of November â2, less the return and the discount.
22
Received cash from November 10 customer in full settlement of theirâ debt, less the discount.
Date
Accounts
Debit
Credit
Nov. 2
Journalize the following transactions for Moakley Bicycles using the periodic inventory system. Explanations are not required. â(Record debitsâ first, then credits. Exclude explanations from journalâ entries.)
TRANSACTIONS:
| Nov. | 2 | Purchased $2,900 of merchandise inventory on account under terms 33â/10, ân/EOM and FOB shipping point. |
| 6 | Returned $700 of defective merchandise purchased on November 2. | |
| 8 | Paid freight bill of $140 on November 2 purchase. | |
| 10 | Sold merchandise inventory on account for $6,700. Payment terms were 33â/15, n/45. | |
| 11 | Paid amount owed on credit purchase of November â2, less the return and the discount. | |
| 22 | Received cash from November 10 customer in full settlement of theirâ debt, less the discount. |
| Date | Accounts | Debit | Credit | ||
| Nov. 2 | |||||
Related questions
| Nov. | 3 | Instructions: Journalize the transactions below (credit and debit) Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers. 25%, terms FOB destinationFreight terms in which the seller pays the transportation costs from the shipping point to the final destination. , 2/10, n/30. |
| 4 | Sold merchandise for cash, $36,900. The cost of the goods sold The cost that is reported as an expense when merchandise is sold. was $20,480. | |
| 5 | Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination. , 2/10, n/30, with prepaid freight of $750 added to the invoiceThe bill that the seller sends to the buyer. . | |
| 6 | Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. | |
| 8 | Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510. | |
| 13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
| 14 | Sold merchandise on VISA, $239,110. The cost of the goods sold was $137,270. | |
| 15 | Paid Papoose Creek Co. on account for purchase of November 5. | |
| 23 | Received cash on account from sale of November 8 to Quinn Co. | |
| 24 | Sold merchandise on account to Rabel Co., $57,100, terms 1/10, n/30. The cost of the goods sold was $32,270. | |
| 28 | Paid VISA service fee of $3,700. | |
| 30 | Paid Quinn Co. a cash refund of $5,960 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,290. |
