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1. The following transactions occurred in June. o June 06 Sold merchandise on account to Liz, Inc., $575; terms 1/10,n/30. 6 June 12 Bought merchandise

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1. The following transactions occurred in June. o June 06 Sold merchandise on account to Liz, Inc., $575; terms 1/10,n/30. 6 June 12 Bought merchandise on account from Sausalito Company, $468; terms 2/10, 1/45: FOB shipping point. o June 16 Paid Standard Freight Lines for freight charges on merchandise purchased from Sausalito Company, $59. o June 18 Received payment in full from Liz, Inc. o June 21 Received a credit memo from Sausalito Company for defective merchandise returned $75. o June 27 Paid Sausalito Company in full within the discount period. (Hint: credit memo) 30 Bought merchandise on account from Brussing Industries, $1,125; terms 1/15,1/30, freight prepaid and added to the invoice $52 (total $1,177). Journalize the above transactions. 2. The following data was taken from the Trial Balance of Rinky Dink Hardware, a small retail business, Sales $87,300 Sales R&A 2.619 Sales Discounts 1.875 Merchandise Inventory, January 1 23,593 Purchases 59,007 Purchases R&A 1,180 2.241 Purchases Discounts 1.352 21,328 Freight-In Expense Merchandise Inventory, December 31 Compute the gross pront

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