i More Info Sep. 3 4 4 6 8 9 10 Purchased merchandise inventory on account from Shallin Wholesalers, $6,500. Terms 3/15, n/EOM, FOB shipping point. Paid freight bill of $55 on September 3 purchase. Purchase merchandise inventory for cash of $1,700. Returned $400 of inventory from September 3 purchase. Sold merchandise inventory to Herenda Company, $5,400, on account. Terms 2/15, n/35. Cost of goods, $2,592. Purchased merchandise inventory on account from Teaton Wholesalers, $9,500. Terms 2/10, n/30, FOB destination. Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Received payment from Herenda Company, less discount. After negotiations, received a $100 allowance from Teaton Wholesalers. Sold merchandise inventory to Johnson Company, $3,500, on account. Terms n/EOM. Cost of goods, $1,575. Made payment, less allowance, to Teaton Wholesalers for goods purchased on September 9. Johnson Company returned $800 of the merchandise sold on September 15. Cost of goods, $360. Sold merchandise inventory to Salter for $1,300 on account that cost $468. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Salter, $60 of freight was added to the invoice for which cash was paid by Red Hawk. Received payment from Salter, less discount. Received payment from Johnson Company, less return. 29 30 Print Print Done Done Journalize the following transactions that occurred in September 2018 for Red Hawk, 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. Red Hawk estimates sales returns 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 Shallin Wholesalers, $6,500. Terms 3/15, n'EOM, FOB shipping point. Date Accounts Debit Credit Sep. 3 Choose from any list or enter any number in the input fields and then click Check Answer. 18 parts in Clear All Check