Journalize the following transactions that occurred in February 2016 for Faucet. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
Feb. 3 Purchased merchandise inventory on account from Sidecki Wholesalers, $3,500. Terms 2/15, n/EOM, FOB shipping point.
4 Paid freight bill of $75 on February 3 purchase.
4 Purchased merchandise inventory for cash of $2,200.
6 Returned $800 of inventory from February 3 purchase.
8 Sold merchandise inventory to Harvey Company, $5,700, on account. Terms 2/15, n/35. Cost of goods, $2,508.
9 Purchased merchandise inventory on account from Teaton Wholesalers, $6,000. Terms 2/10, n/30, FOB destination.
10 Made payment to Sidecki Wholesalers for goods purchased on February 3, less return and discount.
12 Received payment from Harvey Company, less discount.
13 After negotiations, received a $100 allowance from Teaton Wholesalers.
15 Sold merchandise inventory to Jackson Company, $2,900, on account. Terms 3/10, n/EOM. Cost of goods, $1,276.
22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on February 9.
23 Jackson Company returned $500 of the merchandise sold on February 15. Cost of goods, $220.
25 Sold merchandise inventory to Seeker for $2,000 on account that cost $880. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Seeker, $85 of freight was added to the invoice for which cash was paid by Faucet.
26 After negotiations, granted a $100 allowance to Seeker for merchandise purchased on February 25.
27 Received payments from Seeker, less allowance and discount.
28 Received payment from Jackson Company, less return.