302 chapter 5 > Problems Group A Learning Objectives 1, 2, 3 For all problems, assume the perpetual inventory system is wred nless stated otherwise. Rownd all wwwbers to the nearest whole dollar unless stated other P5-31A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2016 for No explanations are needed. Identify each accounts payable and accounts with the vendor or customer name. 2016 for Cabin Sep. 10 Cash $2,871 cable and accounts receivable Sep 3 4 4 6 8 9 10 12 13 15 Purchased merchandise inventory on account from Sherry Wholesalers Terms 1/15, VEOM, FOB shipping point Paid freight bill of $75 on September 3 purchase. Purchased merchandise inventory for cash of $1,900. Returned $1,100 of inventory from September 3 purchase. Sold merchandise inventory to Houston Company. $5,500, on account Terms TV35. Cost of goods, $2,365. Purchased merchandise inventory on account from Tarin Wholesalers, $12.000 Terms 3/10, 1/30, FOB destination Made payment to Sherry Wholesalers for goods purchased on September 3, les return and discount Received payment from Houston Company, less discount. After negotiations, received a $200 allowance from Tarin Wholesalers. Sold merchandise inventory to Java Company, $3,300, on account. Terms 2/10, VEOM. Cost of goods, $1,320 Made payment, less allowance, to Tarin Wholesalers for goods purchased on September 9. Java Company returned $900 of the merchandise sold on September 15. Cost of goods, $360. Sold merchandise inventory to Smecker for $1,900 on account that cost 5722 Terms of 1/10, 1/30 was offered, FOB shipping point. As a courtesy to Smeder $85 of freight was added to the invoice for which cash was paid by Cardinal After negotiations, granted a $200 allowance to Smecker for merchandise purchased on September 25. Received payment from Smecker, less allowance and discount Received payment from Java Company, less return 22 23 26 29 30