Lumen OHM Assessment

Big Box Hardware Company engaged in the following transactions in November.

November 1 Sold merchandise on account for $298,900; terms 2/10, n/30, FOB shipping point, freight collect.
November 5 $40,900 of the good sold on account on November 1 were returned for a full credit. Payment of the goods had not yet been received.
November 6 Purchased merchandise on account in the amount of $100,300; credit terms are 2/10, N/30.
November 9 A sales allowance was granted for merchandise sold November 1 for $5,680 which was damaged in shipment.
November 10 Returned merchandise from November 6 purchase totaling $35,600.
November 11 Payment was received for the net amount due from the sale of November 1.
November 12 Paid amount owed from November 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
November 1	A/R	298,900.00
November 1	Sales Revenue		298,900.00

November 5	Sales Returns & Allowances	40,900.00
November 5	A/R		40,900.00

November 6	Purchases	100,300.00
November 6	A/P		100,300.00

November 9	Sales Returns & Allowances	5,680.00
November 9	A/R		5,680.00

November 10	A/P	35,600.00
November 10	Purchases Returns & Allowances		35,600.00

November 11	Cash	247,273.60
November 11	Sales Discounts	5,046.40
November 11	A/R		252,320.00

November 12	A/P	64,700.00
November 12	Purchases Discounts		1,294.00
November 12	Cash		63,406.00