Joumalize the following transactions that occurred in September 2018 for Purple Haze, 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. Purple Haze 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 Sharp Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point Date Accounts Debit Credit Sep. 3 Sep. 4: Paid freight bill of $70 on September 3 purchase. Date Accounts Debit Credit Sep.4 Sep. 4: Purchase merchandise inventory for cash of $2,100. Date Accounts Debit Credit Sep. 4 Sep. 6: Returned $600 of inventory from September 3 purchase. Date Accounts Debit Credit Sep. 6 Sep. 8: Sold merchandise inventory to Herrick Company, $5,800, on account. Terms 3/15./35. Cost of goods, $2,494 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Credit Debit Sep 8 Now journalize the expense related to the September 8 sale-Cost of goods, $2,494 Dato Accounts Debit Credit Sep. 8 Sep. 9: Purchased merchandise inventory on account from Teaton Wholesalers, $10,500. Terms 3/10, 1/30, FOB destination Date Accounts Debit Credit Sep. 9 Sep. 10: Made payment to Sharp Wholesalers for goods purchased on September 3, less return and discount. Date Accounts Debit Credit Sep. 10 Sep. 12: Received payment from Herrick Company, less discount. Dato Accounts Debit Credit Sep. 12 Sep. 13. After negotiations, received a $200 allowance from Teaton Wholesalers. Date Accounts Debit Credit Sep. 13 Sep. 16: Sold merchandise inventory to Jordon Company, $3,000, on account. Terms n/EOM. Cost of goods, $1,320. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Dato Accounts Debit Credit Sep. 15 Now journalize the expense related to the September 15 sale-Cost of goods, $1,320 Date Accounts Debit Credit Sop, 15 Sep. 22: Made payment, less allowance, to Teaton Wholesalers for goods purchased on September 9. Date Accounts Debit Credit Sep. 22 Sep. 23: Jordon Company returned $900 of the merchandise sold on September 15. Cost of goods, $396 Start by preparing the entry to record the refund and decrease to the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Accounts Debit Credit Sep. 23 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise--Cost of goods returned, $396. Date Accounts Debit Credit Sep. 23 Sep. 25: Sold merchandise inventory to Smecker for $1,100 on account that cost $429. Terms of 3/10,n/30 was offered, FOB shipping point. As a courtesy to Smecker, $75 of freight was added to the invoice for which cash was paid by Purple Haze Begin by preparing a compound journal entry to journalize the sale and the full amount of the receivable from this transaction. Do not record the expense related to the sale. We will do that in the following step. (Prepare a compound journal entry) Date Accounts Debit Credit Sep. 25 Now journalize the expense related to the September 25 sale Cost of goods, $429. Date Accounts Debit Credit Sep. 25 Sep. 29: Received payment from Smecker, less discount. Date Accounts Debit Credit Sep. 29 Sep. 30: Received payment from Jordon Company, less return Date Accounts Debit Credit Sep. 30 i More Info Sep. 3 Sep. 4 Sep. 4 Sep. 6 Sep. 8 Sep. 9 Sep. 10 Sep. 12 Sep. 13 Purchased merchandise inventory on account from Sharp Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $70 on September 3 purchase. Purchase merchandise inventory for cash of $2,100. Returned $600 of inventory from September 3 purchase. Sold merchandise inventory to Herrick Company, $5,800, on account. Terms 3/15, n/35. Cost of goods, S2,494. Purchased merchandise inventory on account from Teaton Wholesalers, $10,500. Terms 3/10, 1/30, FOB destination Made payment to Sharp Wholesalers for goods purchased on September 3. less return and discount. Received payment from Herrick Company, less discount After negotiations, received a $200 allowance from Teaton Wholesalers. Sold merchandise inventory to Jordon Company, $3,000, on account. Terms N/EOM. Cost of goods. $1,320 Made payment, less allowance, to Teaton Wholesalers for goods purchased on September 9. Jordon Company returned $900 of the merchandise sold on September 15. Cost of goods, $396 Sold merchandise inventory to Smecker for $1,100 on account that cost $429. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Smecker, $75 of freight was added to the invoice for which cash was paid by Purple Haze Received payment from Smecker, less discount Received payment from Jordon Company, less retum Sep. 15 Sep. 22 Sep. 23 Sep. 25 Sep. 29 Sep. 30 Print Done