Aug. 1 Purchased merchandise from Aron Company for $7,58e under credit terms of 1/18, n/3, FOB destination, invoice dated August Aug. 5 Sold merchandise to Baird Corp. for $5,280 under credit terms of 2/1e, n/6, FOB destination, invoice dated August 5. The Aug. 8 Purchased merchandise from Waters Corporation for $5,488 under credit terms of 1/18, n/45, FOB shipping point, invoice merchandise had cost $4,880 dated August 8 Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp Aug. 1e Baird returned merchandise from the August 5 sale that had cost Lowe's $408 and was sold for $68e. The merchandise was restored to inventory Aug. 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8 Le's received a credit memorandum from Waters granting a price reduction of $48e off the $5,48 of goods purchased Aug. 14 At Aron s request, Lowes paid $28e cash for freight charges on the August 1 purchase, reducing the amount owed to Aron Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 1e Aug. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12 Aug. 19 sold merchandise to Tux Co. for $4,808 under credit terms of n/1e, FOB shipping point, invoice dated August 19. The merchandise had cost $2,48e Aug. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $509 credit memorandum toward the $4,8e invoice to resolve the issue Aug. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22 Aug. 3e Paid Aron Company the amount due from the August 1 purchase General Journal Schedule of Schedule of General Ledger Trial Balance Receivbles Payables Income Statement Impact on Income Prepare a multiple-step income statement e's Company Income Statement For the Month Ended August 31, 2017 Operating expenses: Net income Aug. 1 Purchased merchandise from Aron Company for $7,58e under credit terms of 1/18, n/3, FOB destination, invoice dated August Aug. 5 Sold merchandise to Baird Corp. for $5,280 under credit terms of 2/1e, n/6, FOB destination, invoice dated August 5. The Aug. 8 Purchased merchandise from Waters Corporation for $5,488 under credit terms of 1/18, n/45, FOB shipping point, invoice merchandise had cost $4,880 dated August 8 Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp Aug. 1e Baird returned merchandise from the August 5 sale that had cost Lowe's $408 and was sold for $68e. The merchandise was restored to inventory Aug. 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8 Le's received a credit memorandum from Waters granting a price reduction of $48e off the $5,48 of goods purchased Aug. 14 At Aron s request, Lowes paid $28e cash for freight charges on the August 1 purchase, reducing the amount owed to Aron Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 1e Aug. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12 Aug. 19 sold merchandise to Tux Co. for $4,808 under credit terms of n/1e, FOB shipping point, invoice dated August 19. The merchandise had cost $2,48e Aug. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $509 credit memorandum toward the $4,8e invoice to resolve the issue Aug. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22 Aug. 3e Paid Aron Company the amount due from the August 1 purchase General Journal Schedule of Schedule of General Ledger Trial Balance Receivbles Payables Income Statement Impact on Income Prepare a multiple-step income statement e's Company Income Statement For the Month Ended August 31, 2017 Operating expenses: Net income
