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journal entries are required July Purchased merchandise from Jones Company for $12,000 under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra

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July Purchased merchandise from Jones Company for $12,000 under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $1,600 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $1,0QQ. Paid $200 for freight charges on the purchase of July 1. Sold merchandise that cost $2,400 for $3,200 cash. Purchased merchandise from Keene Co. for $4,600 under credit terms of 2/15, n/60, FOB destination. /12 Received a $400 credit memorandum acknowledging the return of --- merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13. Purchased office supplies from EastCo on credit, $960, n/30. 16 Paid the balance due to Jones Company. Sold merchandise that cost $1,800 to Urban Co. for $2,500 under credit terms of 2/15, n/60, FOB shipping point. 21., Issued a $300 credit memorandum to Urban Co. for an allowance on goods -> 22/ Received a debit memorandum from Urban Co. for an error that overstated the total invoice by $100. vaid Keene Co. the balance due. 30 Received the balance due from Urban Co. for the credit sale dated July 19. 31 Sold merchandise that cost $6,400 to Terra Co. for $10,000 under credit terms of 2/10, n/60, FOB shipping point. 19 29

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