Homework: Chapter 5 Homework Save Score: 0 of 1 pt 2 of 8 (2 complete)> HW Score: 14.37%, 1.15 of 8 pts P5-34A (similar to) Question Help Jourmalize the following transactions that occurred in Scptember 2018 for Oceanic, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Oceanic estimates sales retums at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Sep. 3: Purchased merchandise inventory on account from Sherry Wholesalers, S7,500. Terms 3/15, n/EOM, FOB shipping point. Date Accounts Debit Sep. Purchased merchandise inventory on account from Sherry Wholesalers, $7,500. Terms 315, rVEOM, FOB shipping point. Paid freight bill of $70 on September 3 purchase Purchase merchandise inventory for cash of $1,900. Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Hermosa Company, S5,500, on account. Terms 3/15, n135. Cost of goods, $2,420. Purchased merchandise inventory on account from Tamara Wholesalers, $9,000. Terms 2/10, n/30, FOB destination. Made payment to Sherry Wholesalers for goods purchased on September 3, less return and discount. 3 Sep. 3 4 4 6 8 9 10 12 Received payment from Hermosa Company, less discount. 13 After negotiations, received a $400 allowance from Tamara Wholesalers. 15 Sold merchandise inventory to Jordon Company, S2,900, on account. Terms 22 Made payment, less allowance, to Tamara Wholesalers for goods purchased on 23 Jordon Company returned $700 of the merchandise sold on September 15. Cost 25 Sold merchandise inventory to Smith for $1,500 on account that cost S615. nEOM. Cost of goods, $1,334 September 9 of goods, $322. Terms of 2,10' n/30 was offered, FOB shipping point. As a courtesy to Smith, $55 of freight was added to the invoice for which cash was paid by Oceanic. Received payment from Smith, less discount. Received payment from Jordon Company, less return. 29 30 Choose from any list or enter any number in the input fields and then click Check Answer PrintDone Clear All remaining