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i need full answers Q1: This information relates to Martinez Co. 1. On Sep 3 purchased merchandise from D. Norlan Company for $30,000, terms 3/10,
i need full answers
Q1: This information relates to Martinez Co. 1. On Sep 3 purchased merchandise from D. Norlan Company for $30,000, terms 3/10, net/30, FOB shipping point, 2. On Sep 6 paid freight costs of $1500 on merchandise purchased from D. Norlan Company 3. On Sep 8 returned some of Sep 3 merchandise, which cost $5,000 to D. Norlan Company 4.On Sep 13 paid the amount due to D. Norian Company in full. Instructions: Prepare the journal entries to record these transactions on the books of Martinez Cousing a periodic inventory system, 2- 4 Q2: Presented below are transactions related to Wheeler Company 1. On Sep 6, Wheeler Company sold $100,000 of merchandise to Hashmi Co., terms 3/10, 1/30, FOB Destination 2. On Sep 7, paid freight costs of $500 on merchandise sold for Hashmi Company 3. 2. On Sep 8, Hashmi Co. was granted an allowance of $30,000 for merchandise purchased on Sep 6. 4. On Sep 16, Wheeler Company received the balance due from Hashmi Step by Step Solution
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