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Journalize the following transactions that occurred in September 2015 for Aquamarines

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P5-31A Journalizing purchase and sale transactions;Journalize the following transactions that occurred in September 2015 for;Aquamarines. No explanations are needed. Identify each accounts payable and;accounts receivable with the vendor or customer name.;Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000.;Terms 1/15, n/EOM, FOB shipping point.;4 Paid freight bill of $80 on September 3 purchase.;4 Purchased merchandise inventory for cash of $1,700.;6 Returned $500 of inventory from September 3 purchase.;8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms;2/15, n/35. Cost of goods, $2,640.;9 Purchased merchandise inventory on account from Thomas Wholesalers;$8,000. Terms 2/10, n/30, FOB destination.;10 Made payment to Shallin Wholesalers for goods purchased on September 3;less return and discount.;12 Received payment from Hermosa Company, less discount.;13 After negotiations, received a $200 allowance from Thomas Wholesalers.;15 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms;1/10, n/EOM. Cost of goods, $1,050.;22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on;September 9.;23 Jordan Company returned $400 of the merchandise sold on September 15.;Cost of goods, $160.;25 Sold merchandise inventory to Smithsons for $1,100 on account that cost;$400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to;Smithsons, $75 of freight was added to the invoice for which cash was paid by;Aquamarines.;26 After negotiations, granted a $100 allowance to Smithsons for merchandise;purchased on September 25.;29 Received payment from Smithsons, less allowance and discount.;30 Received payment from Jordan Company, less return.

 

Paper#24051 | Written in 18-Jul-2015

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