August 1 Purchased merchandise from Wright Company for

$8,300

under credit terms of

(1)/(10),(n)/(30)

, FOB destination, invoice dated August 1.\ August 5 Sold merchandise to Perry Corporation for

$5,600

under credit terms of

(2)/(10),(n)/(60)

, FOB destination, invoice dated August 5. The merchandise had cost

$3,400

.\ August 8 Purchased merchandise from King Corporation for

$5,560

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 Perry Corporation\ August 10 Perry returned merchandise from the August 5 sale that had cost Gonzalez's

$300

and was sold for

$600

. The merchandise was restored to inventory.\ August 12 After negotiations with King Corporation concerning problems with the purchases on August 8, Gonzalez's received a credit memorandum from King granting a price reduction of

$700

off the

$5,560

of goods purchased.\ August 14 At Wright 's request, Gonzalez's paid

$600

cash for freight charges on the August 1 purchase, reducing the amount owed to Wright.\ August 15 Received balance due from Perry Corporation for the August 5 sale less the return on August 10.\ August 18 Paid the amount due King Corporation for the August 8 purchase less the price allowance from August 12.\ August 19 Sold merchandise to Carter Company for

$3,800

under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost

$1,900

.\ August 22 Carter requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Gonzalez's sent Carter a

$400

credit memorandum toward the

$3,800

invoice to resolve the issue.\ August 29 Received Carter's cash payment for the amount due from the August 19 sale less the price allowance from August 22.\ August 30 Paid Wright Company the amount due from the August 1 purchase.\ \\\\table[[Requirement,\\\\table[[General],[Journal]],\\\\table[[General],[Ledger]],Trial Balance,\\\\table[[Schedule of],[Receivables]],\\\\table[[Schedule off],[Payables]],\\\\table[[Income],[Statement]],\\\\table[[Impact on],[Income]]]]\ Prenare a multiole-sten income statement.

August 1 Purchased merchandise from Wright Company for $8,300 under credit terms of 1/10,n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Perry Corporation for $5,600 under credit terms of 2/10,n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,400. August 8 Purchased merchandise from King Corporation for $5,560 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 Perry Corporation August 10 Perry returned merchandise from the August 5 sale that had cost Gonzalez's $300 and was sold for $600. The merchandise was restored to inventory. August 12 After negotiations with King Corporation concerning problems with the purchases on August 8, Gonzalez's received a credit memorandum from King granting a price reduction of $700 off the $5,560 of goods purchased. August 14 At Wright 's request, Gonzalez's paid $600 cash for freight charges on the August 1 purchase, reducing the amount owed to Wright. August 15 Received balance due from Perry Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due King Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Carter Company for $3,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,900. August 22 Carter requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Gonzalez's sent Carter a $400 credit memorandum toward the $3,800 invoice to resolve the issue. August 29 Received Carter's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30 Paid Wright Company the amount due from the August 1 purchase