4. Homework GL04-02 - Based on Problem 4-2A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Clinton's, which uses the perpetual inventory system (Hint: It will help to identify each receivable and payable, for example, record the purchase on Augustin Accounts Payable-Lee.) Aug. 1 Purchased merchandise from Lee Company for $12,00 under Credit ters of 1/10, 30, FOB destination, avoice dated a t Aug. 5 Sold merchandise to Wright Corp. for $7,500 under credit terms of 2/10, 1/60, FOB destination, Invoice dated August 5. The merchandise had cost $4,600. Aug. Purchased merchandise from Sancher Corporation for 86,360 under credit torus of 1/10, 1/45, Foo shipping point, Invoice. dated August S. Aug. 9 Paid $925 cash for shipping charges related to the August 5 sale to wricht Corp. Aug. 10 Wright returned merchandise from the August 5 sale that had cost Clinton's 500 and was sold for the merchandise was restored to inventory. Aug. 12 After negotiations with Sanchez Corporation concerning problems with the purchases on August 8, Clinton's received a credit memorandum from Sanches ranting price reduction of 0 off the 56, of goods purchased g. 14 At Lee's request, Clinton paid S D cach for free charges on the August 1 purchase, reducing the amount owed to Lee g. 15 Received balance due from Wright Corp. for the August 5 sale less the return on August 10. Aug. 18 Paid the amount due Sancher Corporation for the August purchase less the price allowance from August 12 g. 19 Sold marchandise to Martin Co. for $ 300 under Creditteres of/10. FOShipping point, involce dated but 19. The werchandise had cost $2,150. Aug. 22 Martin requested price reduction on the august 19 solo because the morehandlso did not wat specifications, Clinton's Sent Martin 5500 credit rand toward the 100 voice to resolve thes e 29 Received Martin's cash payment for the on e from the August 19 sale less the price allowance from August 22 Aug. Paid Lee Company the amount due from the host purchase Trial Balar Schedule of Recenables schedule of Parables income ste impact on i ne ledger Journalire the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries 4. Homework GL04-02 - Based on Problem 4-2A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Clinton's, which uses the perpetual inventory system (Hint: It will help to identify each receivable and payable, for example, record the purchase on Augustin Accounts Payable-Lee.) Aug. 1 Purchased merchandise from Lee Company for $12,00 under Credit ters of 1/10, 30, FOB destination, avoice dated a t Aug. 5 Sold merchandise to Wright Corp. for $7,500 under credit terms of 2/10, 1/60, FOB destination, Invoice dated August 5. The merchandise had cost $4,600. Aug. Purchased merchandise from Sancher Corporation for 86,360 under credit torus of 1/10, 1/45, Foo shipping point, Invoice. dated August S. Aug. 9 Paid $925 cash for shipping charges related to the August 5 sale to wricht Corp. Aug. 10 Wright returned merchandise from the August 5 sale that had cost Clinton's 500 and was sold for the merchandise was restored to inventory. Aug. 12 After negotiations with Sanchez Corporation concerning problems with the purchases on August 8, Clinton's received a credit memorandum from Sanches ranting price reduction of 0 off the 56, of goods purchased g. 14 At Lee's request, Clinton paid S D cach for free charges on the August 1 purchase, reducing the amount owed to Lee g. 15 Received balance due from Wright Corp. for the August 5 sale less the return on August 10. Aug. 18 Paid the amount due Sancher Corporation for the August purchase less the price allowance from August 12 g. 19 Sold marchandise to Martin Co. for $ 300 under Creditteres of/10. FOShipping point, involce dated but 19. The werchandise had cost $2,150. Aug. 22 Martin requested price reduction on the august 19 solo because the morehandlso did not wat specifications, Clinton's Sent Martin 5500 credit rand toward the 100 voice to resolve thes e 29 Received Martin's cash payment for the on e from the August 19 sale less the price allowance from August 22 Aug. Paid Lee Company the amount due from the host purchase Trial Balar Schedule of Recenables schedule of Parables income ste impact on i ne ledger Journalire the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries
