According to the view that Applied Engineering corporation is a citizen, the firm is expected to
The following selected transactions were completed during August between Salem Company and Boulder Co.: Aug 1 Salem sold merchandise on account to Boulder, $28,600, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $17,000. Aug 2 Salem Company paid freight of $500 for delivery of merchandise sold to Boulder on August 1 Aug 5 Salem sold merchandise on account to Boulder, $18,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $10,800. Aug 6 Boulder returned $1,600 of merchandise purchased on account on August 1 from Salem. The cost of the merchandise returned was $960. Aug 9 Boulder paid freight of $350 on Aug. 5 purchase from Salem. Aug 15 Salem sold merchandise on account to Boulder, $36,200, terms FOB shipping point, 1/10, 1/30. Salem paid freight of $900, which was added to the invoice. The cost of the merchandise sold was $19,600. Aug 16 Boulder paid Salem for purchase of Aug. 1, less discount and less return of Aug. 6 Aug 25 Boulder paid Salem on account for purchase of Aug 15, less discount. Aug 31 Boulder paid Salem on account for purchase of Aug 5. Instructions Journalize the August transactions for (1) Salem Company and (2) Boulder Company. Complete a set of journal entries for Perpetual and another for Period journal entries for both Buyer and Seller. The following selected transactions were completed during August between Salem Company and Boulder Co.: Aug 1 Salem sold merchandise on account to Boulder, $28,600, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $17,000. Aug 2 Salem Company paid freight of $500 for delivery of merchandise sold to Boulder on August 1 Aug 5 Salem sold merchandise on account to Boulder, $18,000, terms FOB shipping point, n/com. The cost of the merchandise sold was $10,800. Aug 6 Boulder returned $1,600 of merchandise purchased on account on August 1 from Salem. The cost of the merchandise returned was $960. Aug 9 Boulder paid freight of $350 on Aug. 5 purchase from Salem. Aug 15 Salem sold merchandise on account to Boulder, $36,200, terms FOB shipping point, 1/10, 1/30. Salem paid freight of $900, which was added to the invoice. The cost of the merchandise sold was $19,600. Aug 16 Boulder paid Salem for purchase of Aug. 1, less discount and less return of Aug. 6 Aug 25 Boulder paid Salem on account for purchase of Aug 15, less discount. Aug 31 Boulder paid Salem on account for purchase of Aug 5. Instructions Journalize the August transactions for (1) Salem Company and (2) Boulder Company Complete a set of journal entries for Perpetual and another for Period Journal entries for both Buyer and Seller
