Prepare the necessary general journal entries for the month of October and November for DynaCore Retail...

Prepare the necessary general journal entries for the month of October and November for DynaCore Retail for each situation given below. Omit explanations. Oct. 5 - Paid cash of $23,000 for operating expenses that were incurred and properly recorded in the previous period as liabilities. 9 - Purchased merchandise for $52,000 on account. Credit terms: 2/10, n/30, FOB Shipping Point. 12 - Received a freight bill of $170 for merchandise purchased on October 9, from XYZ Co. 17 - Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled. 20 - Sold merchandise for $10,000 to Rattles Distribution on account. The cost of the merchandise sold was $4,200. Credit terms: 2/10, n/30. 26 - Issued a credit memo to Rattles Distribution for $500 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $330. Nov. 1 - Received payment from Rattles Distribution for the sale on October 20.

(a) DynaCore uses a perpetual inventory system. (b) DynaCore uses a periodic inventory system.

Expert Solution

ekkarill92 answered 2 years ago

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