ACME Distribution, Inc. December 31,2016 Selected Transactions Read through the information below for selected transactions during the mact December, 2016 and prepare the required jounal entry each of the entries below to the general ledger T-accounts attached during the month of o, Post to record the transaction, Post 1) On December 5, ACME purchased $57,507 of merchandise on Corp terms 3/10, n/30. account from Indiana Date Credit Account description 2) Sold December 7. Cost of the Merchandise for $5,000 to Lee Corp on account on merchandise was $3,340 and the terms of the sale were 2/15, n/30. Debit Credit Date On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage of the purchase discount (round discount to nearest dollar). 3) Debit Credit Date Account description On December 15, Lee Corp requested credit for $500 of defective merchandise included in their December 7 purchase. ACME granted them an allowance and they disposed of the defective merchandise at ACME's request 4) Debit Credit Date 5) Lee Corp paid their balance due taking the sales discount offered on December 19 Date Account description Debit Credit