Forrest's Crab House purchased Florida stone crab on account on November 10, 2010, for a gross price of $87,000. Forrest also purchased farm-raised catfish on account on November 11, 2010 for a gross price of $25,000. The terms of both sales were 2/15, n/30. Forrest paid for the first purchase on November 19, 2010, and for the second purchase on November 30. If he uses the perpetual inventory method, which of the following journal entries would Forrest make for November 30?

Question

Quizplus · Accepted Answer

The Answer of Forrest's Crab House purchased Florida stone crab on account on November 10, 2010, for a gross price of $87,000. Forrest also purchased farm-raised catfish on account on November 11, 2010 for a gross price of $25,000. The terms of both sales were 2/15, n/30. Forrest paid for the first purchase on November 19, 2010, and for the second purchase on November 30. If he uses the perpetual inventory method, which of the following journal entries would Forrest make for November 30?

Forrest's Crab House Purchased Florida Stone Crab on Account on November