Homework: Homework 5 Save Score: 0.31 of 1 pt 5 of 10 (5 complete) HW Score: 42.

Question

Homework: Homework 5 Save Score: 0.31 of 1 pt 5 of 10 (5 complete) HW Score: 42.79%, 4.28 of 10 pts & S5-7 (similar to) E Question Help On November 4, 2018. Cave Company sold merchandise inventory on account to Teal wolesalers, $17,000, that cost $5,200. Terms 2 / 10 n/30 On November 5, 2018, Teal Wholesalers paid shipping of $55. Teal Wholesalers paid the balance to Cave Company on November 13, 2018. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.) Read the requirements Requirement 1. Journalize Teal Wholesaler's November transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 4: Purchased merchandise inventory on account from Cave Company for $17,000, terms 2/10, n/30. Date Accounts Debit Credit Nov. 4 17,000 Accounts Payable 17,000 To record the purchase of inventory on account. Nov. 5: Paid shipping of S55 Date Accounts Debit Credit Nov. 5 Merchandise Inventory Cash To record payment of shipping costs. Nov. 13: Paid the balance to Cave Company. Date Accounts Debit Credit Nov. 13 Accounts Payable

Explanation / Answer

Journal entry :

Date account and explanation debit credit Nov 13 Account payable 17000 Cash (17000*98%) 16660 Merchandise inventory (17000*2%) 340 (To record amount paid)

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