Question

In: Accounting

Carson Building Supplies had the following transactions during November. Carson uses the perpetual inventory system....

Carson Building Supplies had the following transactions during November.

Carson uses the perpetual inventory system. Journalize the transactions in proper form.

Indicate no entry if appropriate. Omit explanations and please skip a line between

each entry. A partial chart of accounts is provided.

Nov. 1 Rented office space and paid the November rent of $800.

Nov. 3 Purchased equipment costing $10,000 for $4,000 cash and the remainder on

credit

Nov. 5 Paid $1,000 for a one-year insurance policy.

Nov. 6 Purchased merchandise on credit from Mitchell Company, terms n/30, FOB

shipping point, $3,600.

Nov. 7 Received utility bill for $200 to be paid at a later date.

Nov. 8 Returned damaged merchandise received from Mitchell Company on Nov. 6 for

credit, $400.

Nov. 10 Paid in full the amount due to Mitchell Company for the purchase of Nov. 6,

less any applicable returns

Nov. 11 Sold merchandise on credit for $2,400 to Mullen Corporation, terms 2/10, /30.

The cost of the merchandise was $940.

Nov. 21 Received payment in full from Mullen Corporation for purchase of Nov. 11

less any applicable discounts.

Nov. 25 Hired a new employee at a salary of $1,500 per week. He will begin working

on December 1.

Nov. 28 Received a check from Benner, Inc. for $500 for work to be done in December.

Chart of Accounts:

. Cash Common Stock

Supplies Dividends

Prepaid Insurance Sales

Prepaid Rent Sales Returns and Allowances

Merchandise Inventory Sales Discounts

Accounts Receivable Cost of Goods Sold

Allowance for Uncollectible Accounts Rent Expense

Equipment Insurance Expense

Accounts Payable Supplies Expense

Unearned Revenue Utilities Expense

Date Account Titles Debit Credit

Expert Solution

ekkarill92 answered 2 years ago

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