Auguet 1 Purchased merehandise from Aron company for $7,500 under eredit terms of 1/10, n/30, FoB destination, 1mvoice dated August 1 . August 5 sold merchandise to Baird corporation for $5,200 under credit terns of 2/10, a/60, ros destination, invoice dated Auguat 5 . The nerchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $5,400 under eredit terea of 1/10, 5/45, FoB shipping point, involee dated Aughat B, August 9 paid $125 eash for ohipping charges related to the August 5 sale to Baird Corporation August 10 Baird returned merchandiee from the August 5 sale that hod cont Lowe's s400 and was sold for \$600. The merehandise was restored to inventory. August 12 After negotiations with waters Corporation concernipg problens with the purchases on August 3 , Lowe' a received a eredit memorandus fron Waters granting a price reduetion of $400 off the $5,400 of goods purehased. August 14Nt Aron's request, Lowe's paid $200 eash for freight charges on the August 1 purchase, reduelng the amount owed to Aron. August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Waters Corporation for the August purchase less the price aldowance fron August 12. August 19 sold merchandise to tux company for $4,800 under credit terma of n/10, Foa ahipping point, invoice dated hagust 19. The merchandise had oost $2,400. August 22 Tux requested a price reduction on the August 19 sale because the nerchandise did not meet specifications. Lowe's sent Tux a $500 credit menorandua toward the $4,800 involce to resolve the iasue. Auguat 29 Recelved Tux'a caah payment for the arount due from the August 19 aale less the price allowance from August 22. hugust 30 paid Aren Company the anount due from the Nugast 1 purehase. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account titie. Click on any of the individual amounts to return to the underlying journal entry. Lowe's sent Tux a $500 eredit nemorandun toward the $4,800 involce to resolve the issue. Nugast 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from Aagust 22. August 30 Paid Aron Conpany the amount due from the August 1 purchase. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indieated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the jourmal entries are correct. August 19. The merchandase had cost $2,400. August 22 Tux requested a price reduction on the Nugust 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit menorandum toward the $4,800 involee to resolve the issue. August 29 Recelved Tux's cash payment for the anount due from the August 19 sale less the price allowance from August 22. August 30 Paid Aron Compsny the amount due fron the August 1 purchase. Schedule of Recelvablet Income statement > Prepare a multiple-step income statement. For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the amount of income with the amount reported on the income statement. Auguet 1 Purchased merehandise from Aron company for $7,500 under eredit terms of 1/10, n/30, FoB destination, 1mvoice dated August 1 . August 5 sold merchandise to Baird corporation for $5,200 under credit terns of 2/10, a/60, ros destination, invoice dated Auguat 5 . The nerchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $5,400 under eredit terea of 1/10, 5/45, FoB shipping point, involee dated Aughat B, August 9 paid $125 eash for ohipping charges related to the August 5 sale to Baird Corporation August 10 Baird returned merchandiee from the August 5 sale that hod cont Lowe's s400 and was sold for \$600. The merehandise was restored to inventory. August 12 After negotiations with waters Corporation concernipg problens with the purchases on August 3 , Lowe' a received a eredit memorandus fron Waters granting a price reduetion of $400 off the $5,400 of goods purehased. August 14Nt Aron's request, Lowe's paid $200 eash for freight charges on the August 1 purchase, reduelng the amount owed to Aron. August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Waters Corporation for the August purchase less the price aldowance fron August 12. August 19 sold merchandise to tux company for $4,800 under credit terma of n/10, Foa ahipping point, invoice dated hagust 19. The merchandise had oost $2,400. August 22 Tux requested a price reduction on the August 19 sale because the nerchandise did not meet specifications. Lowe's sent Tux a $500 credit menorandua toward the $4,800 involce to resolve the iasue. Auguat 29 Recelved Tux'a caah payment for the arount due from the August 19 aale less the price allowance from August 22. hugust 30 paid Aren Company the anount due from the Nugast 1 purehase. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account titie. Click on any of the individual amounts to return to the underlying journal entry. Lowe's sent Tux a $500 eredit nemorandun toward the $4,800 involce to resolve the issue. Nugast 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from Aagust 22. August 30 Paid Aron Conpany the amount due from the August 1 purchase. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indieated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the jourmal entries are correct. August 19. The merchandase had cost $2,400. August 22 Tux requested a price reduction on the Nugust 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit menorandum toward the $4,800 involee to resolve the issue. August 29 Recelved Tux's cash payment for the anount due from the August 19 sale less the price allowance from August 22. August 30 Paid Aron Compsny the amount due fron the August 1 purchase. Schedule of Recelvablet Income statement > Prepare a multiple-step income statement. For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the amount of income with the amount reported on the income statement