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Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Busbard Company DATE TRANSACTIONS 2019 Fab. 10 Purchased merchandise for
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Busbard Company DATE TRANSACTIONS 2019 Fab. 10 Purchased merchandise for $6,400 from Schmidt, Inc., Invoice 1980, teens 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling 5340 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Daid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and is the cash discount Check 2010. Schmidt, Inc. THANSACTIONS 2019 Pab. 10 Bold merchandise for $6,400 on account to Bushed Company. Invoice 1980, terme 1/10, n/30. The cost of merchandise sold was $3,700. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $340 that was returned the goods were purchased on Invoice 1980, datad February 10. The coat of the returned goods was $260. 19 Haceived payment from Bushard Company for Invoice 1980 or Pebruary 10, less the return of February 13 and less the cash discount Check 2010. Both companies use the perpetual Inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final onswers to the nearest whole dollar value.) Journal entry worksheet 1 2 3 Purchased merchandise for $6,400 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30 Note: Enter debits before credits. General Journal Debit Date Feb 10, 2019 . Record entry Clear entry View general journal Journal entry worksheet Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $340 that was returned; the goods were purchased on Invoice 1980, dated February 10. Note: Enter debits before credits Date General Journal Debit Credit Feb 13, 2019 Record entry Clear entry View general journal Journal entry worksheet
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