12345 ACME Distribution, Inc. December 31, 2021 Selected Transactions 6 49 Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached. On December 5, ACME purchased $60,000 of merchandise on account from Indiana Corp terms 2/10, 8n/30. 9 10 Date 11 12/5/21 12 13 Account description merchandise inventory accounts payable Debit Credit 60,000 $ 60.000 Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was 14 $3,390 and the terms of the sale were 2/15, n/30. LD 16 Date 17 12/7/21 18 19 20 21 24 25 26 27 28 Account description Debit Credit accounts recievable S 5.000 sales $ 5,000 cost og goods sold $ 3,390 S 3.390 merchandise inventory On December 14 ACME wrote a check to dia advantage of the purchase discount. the purchase made on December 5 to take Page-1. Date Account description 12/14/21 accounts payable merchandise inventory cash Debit Credit $ 60.000 $ 1,200 S 58.800 On December 14, Lee Corp requested credit for $500 of defective merchandise included in their December 7 purchase. We granted them an allowance and they disposed of the defective 29) merchandise at our request. 30 31 32 Date 12/14/21 Account description Debit Credit sales retums & allowance $ 500 33 accounts recievable S 500 34 35) Lee Corp paid their balance due taking the sales discount offered on December 19. JO 37 Date Account description 38 12/18/21 cash 39 sales discount 40 accounts recievable 41 42 43 44 December 20 ACME issued 50 shams stock for t Debit Credit $ 4,410 $ 90 $ 4.500