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Molly's Greenhouse supplies bedding plants and other gardening products to a variety of stores across Alberta and also has a local greenhouse open to the public. Molly uses a perpetual inventory system. Transactions for the business are shown below: / 2 Purchased 500 decorative hanging baskets from Planters R Us, on account, at a cost of $20 each, terms 2/10, n/30. FOB destination. 3 The correct company paid cash for the $185 shipping charges. 4 Sold 200 hanging baskets to a hardware store in the city, on account, for a total invoice price of $8,000. Terms are 1/10, n/30 and the cost was $20 per basket. Molly paid the shipping charge of $75 on same day. 5 Received a credit from Planters R Us for the return of 40 hanging baskets that had defective hangers. 7 20 of the baskets from the sale of May 4 were returned to the greenhouse for a full refund because the customer did not have enough room to store them. 12 Made a payment on account for the balance owing to Planters R Us for the purchase of May 2. 14 Received a cheque for the appropriate amount from the hardware store for the sale on May 4. Prepare journal entries to record the above transactions using the perpetual method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 2 v Purchases 10000 Accounts Payable 10000 May 3 v Freight In 185 Cash 185 May 4 v Accounts Receivable 8000 Sales 8000 (To record credit sales) Cost of Goods Sold 4000 Merchandise Inventory 4000 (To record cost of merchandise sold) Freight Out 75 Cash 75 (To record payment of shipping)Prepare journal entries to record the above transactions using the periodic method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit v v (To record credit sales) (To record payment of shipping) v v May 14