Question

Prepare the journal entries for the transactions listed below

11/1 Smith shoes purchased $3,800 of merchandise on account; terms n/30 -Fob shipping point

11/6 Paid freight charges of $100 on the merchandise purchased on 11/1

11/8 Smith shoes sold merchandise on account for $2,400, terms 1/10, n/30. The merchadise had an inventory cost of $1,000.

11/12 Of the merchandise sold on 11/8, $800 of it was returned. The items had cost the store $300.

11/15 Smith shoes paid for the merchandise purchased on 11/1.

11/20 Smith shoes purchased $5,000 of merchandise from its supplier on account; terms 2/10 n/30

11/22 Smith shoes reurned $320 worth of damaged merchandise purchased on 11/20.

11/25 Smith shoes recieved payment in full from customer of 11/8.

11/26 Smith shoes paid for the merchandise purchased on 11/20.