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Hello everyone.
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So we need to pass general entries for the following given transactions.
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So first general entry will be made on 2nd november, that is inventory debit by 1400 and accounts pay bill, credit by 1400.
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Next transaction will be on 4th november, that is cash account debit, 2 ,200.
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Sales revenue credit, $2 ,200, cost of goods sold, debit by $1 ,400, and inventory, credit by $1 ,400.
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Next transaction will be made on 5th of november, that is accounts pay bill, debit by $400, and inventory, credit by $400.
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On 7th november, transaction would be, entry would be sales return and allowance, debit by 1100, cash account, credit by 1100.
02:45
One more entry on 7th november would be made for inventory account debit by 700, cost of goods sold, credit by 700.
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Next transaction will be made on 8th of november, that is, supplies debit by 100 and accounts payable, credit by 100...