At Zhang's request, Thompson's paid $500 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron. Note: Enter debits before credits. Sold merchandise to Hall Company for $4,400 under credit terms of n/10, FOB shipping point, invoice dated August 19. Note: Enter debits before credits. The cost of the merchandise returned by Thompson's was $300. The merchandise was restored to inventory. Note: Enter debits before credits. Received balance due from Parker Corporation for the August 5 sale less the return on August 10. Note: Enter debits before credits. Paid $925 cash for shipping charges related to the August 5 sale to Parker Corporation Note: Enter debits before credits. After negotiations with Turner Corporation concerning problems with the purchases on August 8 , Thompson's received a credit memorandum from Turner granting a price reduction of $1,000 off the $6,520 of goods purchased. Note: Enter debits before credits. August 10 parker Feturned merchandise from the August 5 sale that had cost Thompson's $360 and was sold for 5600 . The merchandise was restored to inventory. August 12 After negotiations with Turner Corporation concerning problems with the purchases on August 8 , Thompson"s received a credit menorandum from Turner granting a price reduction of $1,000 off the $6,52 of goods purchased. August 14 At Zhang's request, Thompson's paid $500 cash for freight charges on the August 1 purchase, reducing the anount owed to Zhang. August 15 Received balance due froen Parker Corporation for the August 5 sale less the return on August 10. August 18 paid the amount due Turner Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Hall company for $4,490 under credit terms of n/10, FoB shipping point, invoice dated August 19. The merchandise had cost $2,2e0. August 22Hall requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Thompson's sent Hall a $50 credit memorandun toward the $4,40 invoice to resolve the issue. August 29 Received Hall's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30 Paid Zhang Company the amount due from the August 1 purchase. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each Paid the amount due Turner Corporation for the August 8 purchase less the price allowance from August 12. Note: Enter debits before credits. The merchandise sold to Parker had cost $4,800. Note: Enter debits before credits. Hall requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Thompson's sent Hall a $500 credit memorandum toward the $4,400 invoice to resolve the issue. Note: Enter debits before credits. Prepare journal entries to record the following merchandising transactions of Thompson's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Zhang.) August 1 Purchased merchandise from Zhang Company for $13,100 under credit terms of 1/10, n/3e, FoB destination, invoice dated August 1. August 5 Sold merchandise to Parker Corporation for $8,00 under credit terms of 2/2,n/60, Fos destination, invoice dated August 5 . The merchandise had cost 54,800 . August 8 Purchased merchandise from Turner Corporation for 36,520 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $925 cash for shipping charges related to the August 5 sale to Parker Corporation August 10 Parker returned merchandise from the August 5 sale that had cost Thompson's $3ea and was sold for $6e0. The merchandise was restored to inventory. August 12 After negotiations with Turner Corporation concerning problems with the purchases on August 8 , Thompson's received. credit memorandum from Turner granting a price reduction of $1, eov off the $6,520 of goods purchased. August 14 At Zhang's request, Thompson's paid $see cash for freight charges on the August 1 purchase, reducing the anount owed to Zhang. August 15 Received balance due from Parker Corporation for the August 5 sale less the return on August 10. August 18 paid the amount due Turner Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Hall Company for $4,4e0 under credit terms of n/20, FoB shipping point, invoice dated August 19. The merchandise had cost $2,2e. August 22Ha11 requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sold merchandise to Parker Corporation for $8,000 under credit terms of 2/10, n/60,FOB destination, invoice dated August 5 . Note: Enter debits before credits. The cost of the merchandise sold merchandise to Hall was $2,200. Note: Enter debits before credits. Paid Zhang Company the amount due from the August 1 purchase. Note: Enter debits before credits. Parker returned merchandise from the August 5 sale that had sold for $600. lote: Enter debits before credits. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger softwate also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts. Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare a multiple-step income statement. Impact on Income tab - Indicate the impact each transaction had on net income. Purchased merchandise from Turner Corporation for $6,520 under credit terms of 1/10,n/45,FOB shipping point, invoice dated August 8 . Note: Enter debits before credits. Purchased merchandise from Zhang Company for $13,100 under credit terms of 1/10,n/30,FOB destination, invoice dated August 1. Note: Enter debits before credits. Received Hall's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Note: Enter debits before credits