Question

Nov. ​2: Purchased $ 3 comma 200 of merchandise inventory on account under terms 1​/10, ​n/EOM...

Nov. ​2: Purchased $ 3 comma 200 of merchandise inventory on account under terms 1​/10, ​n/EOM and FOB shipping point. Date Accounts Debit Credit Nov. 2 Purchases 3,200 Accounts Payable 3,200 Nov. ​6: Returned $ 600 of defective merchandise purchased on November 2. Date Accounts Debit Credit Nov. 6 Accounts Payable 600 Purchase Returns and Allowances 600 Nov. ​8: Paid freight bill of $ 130 on November 2 purchase. Date Accounts Debit Credit Nov. 8 Freight In 130 Cash 130 Nov. 10​: Sold merchandise inventory on account for $ 6 comma 200. Payment terms were 1​/15, ​n/45. Date Accounts Debit Credit Nov. 10 Accounts Receivable 6,138 Sales Revenue 6,138 Nov. 11​: Paid amount owed on credit purchase of November ​2, less the return and the discount. Date Accounts Debit Credit Nov. 11 Accounts Payable 2600 ▼ Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining More Info Nov. 2 Purchased $ 3 comma 200 of merchandise inventory on account under terms 1​/10, ​n/EOM and FOB shipping point. 6 Returned $ 600 of defective merchandise purchased on November 2. 8 Paid freight bill of $ 130 on November 2 purchase. 10 Sold merchandise inventory on account for $ 6 comma 200. Payment terms were 1​/15, ​n/45. 11 Paid amount owed on credit purchase of November ​2, less the return and the discount. 22 Received cash from November 10 customer in full settlement of their​ debt, less the discount.

Homework Answers

Answer #1
Date Accounts debit credit
Nov-02 Merchandise inventory 3200
Accounts payable 3200
Nov-06 Accounts payable 600
Merchandise inventory 600
Nov-08 Merchandise inventory 130
   Cash 130
Nov-10 Accounts receivable 6200
Sales revenue 6200
Nov-11 Accounts payable 2600
cash 26
merchandise inventory 2574
Nov-22 Cash 6138
Sales discounts 62
accounts receivable 6200
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