Reference no: EM132545791
Question - During November of the current year, the following selected transactions were completed by Hanoi Company. Hanoi Company uses the perpetual inventory system.
Nov. 2. Purchased $55,500 of merchandise on account, FOB shipping point, terms 2/10, n/30.
Nov 5. Paid transportation costs of $675 on the Nov 2 purchases.
Nov 11. Sold merchandise on account, $ 15,500, FOB destination, 2/15, n/30. The cost of merchandise sold was $8,600.
Nov 13. Paid transportation costs of $ 400 for the merchandise sold on Nov 11.
Nov 15. Paid for the purchase of Nov 2 less the return and discount.
Nov 25 Received payment on account for the sale of Nov11 less the discount.
Requirement - Journalize the entries to record the transactions of Hanoi Company.
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