Business, 23.04.2021 16:40 firenation18

Tim Simpleton owns a variety store called Tiny Tim Center. Journalize the following purchases of inventory, returns, and discounts for the month of November. Use the gross-price method. Nov. 1 Purchased $4,000 of merchandise from Hilltop Caterers on account, Invoice 1234, with a 10% trade discount. Credit terms 2/10, n/30.
1 Paid rent for the month of November. Issued Check 5142 for $1,400.
5 Purchased merchandise from Owen's Supply Co. Issued Check 5143 for $1,750.
7 Purchased $3,400 of merchandise from Seaside Co. on account, Invoice 7438. Credit terms 1/15, n/30.
10 Returned $500 of the merchandise from Seaside Co. Received Credit Memo 131.
11 Paid Invoice 1234 to Hilltop Caterers. Issued Check 5144 for $3,528.
12 Purchased $4,700 of merchandise (included $200 freight) from Winding Willow Co. on account, Invoice 5139. Credit terms 3/15, n/30, FOB shipping point.
17 Purchased $320 of office supplies from Turnkey Co. on account, Invoice 8320. Credit terms 2/10, n/30. 22 Paid Invoice 7438 to Seaside Co. Issued Check 5145 for $2,871.
27 Paid Invoice 5139 to Winding Willow Co. Issued Check 5146 for $4,565.
If an amount box does not require an entry, leave it blank.

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