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Consider the following transactions that occurred in September 2012 for Aqumarines. Sep 4 Purchased inventory on terms 1/15, n/eom, $5,000. 4 Purchased inventory for cash
Consider the following transactions that occurred in September 2012 for Aqumarines. | |||||
Sep 4 | Purchased inventory on terms 1/15, n/eom, $5,000. | ||||
4 | Purchased inventory for cash of $1,700. | ||||
6 | Returned $500 of inventory from September 4 purchase. | ||||
8 | Sold goods on terms of 2/15, n/35 of $6,000 that cost $2,640. | ||||
10 | Paid for goods purchased September 3. | ||||
12 | Received goods from September 8 sale of $400 that cost $160. | ||||
23 | Received payment from September 8 customer. | ||||
25 | Sold goods to Smithsons for $1,100 that cost $400. Terms of n/30 | ||||
were offered. As a courtesy to Smithsons, $75 of freight was added to | |||||
the invoice for which cash was paid directly to UPS by Aquamarines. | |||||
29 | Received payment from Smithsons. |
1. | Journalize September transactions for Aquamarines, Inc. No explanations | ||||
are required. |
Journal | |||||
DATE | ACCOUNTS AND EXPLANATIONS | DEBIT | DEBIT | ||
Sep 3 | |||||
4 | |||||
6 | |||||
8 | |||||
8 | |||||
10 | Accounts payable | 5,000 | |||
12 | |||||
12 | |||||
23 | Cash ($5,600 - $112 discount) | 5,488 | |||
25 | |||||
25 | |||||
29 | |||||
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