Journal Entries for Merchandise Transactions-Perpetual System Webster Company was established on July 1. Its sales terms are 2/10, 1/30. Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are given below. Unless noted, all transactions are on account and involve merchandise held for resale, Webster Company uses the perpetual inventory system July 1 Purchased goods from Dawson, Inc. 52.400 terms 1/10, 1/30 2 Purchased foods from Peon Company, 54,700; terms 2/10, 1/30 3 Paid freighton shipment from Dawson 5150 5 Sold merchandise to Ward, Inc. $1,800 (51,475 cost). 5 Pald freiht on shipment to Ward, Inc. 1110 Min debit Delivery Expenses 8 Returned $300 worth of the goods purchased July 1 from Dawson Inc, because some goods were damaged. Dawson approved the return 9 Received returned goods from Ward, the worth $250 (5200 cost. 10 Pald Dawson, Inc. the amount due 10 Purchased goods from Dom Company with a list price of $2.000. Terms 2/10, 30, 11 Paldfreyhton shipment from Dom Company, 1180 15 Received the amount due from Ward, int 15 Sold merchandise to Colby Corporation, 3.700 (52.900 cott) 16 Mailed a check to Penn Compary for the amount doen jy invoice 18 Received an allowance of $150 from Dom Company for defective merchandise purchased on my 10. 19 Pald Dom Company the amount due 25 Received the amoury due from Colby Corporation Required Prepare the necessary journal entries for the Webster Company GENERAL JOURNAL Date Description July 1 Inwentory Accounts Payable Purchases from Dawson, Inc. 1/10, 1/30 2 Inwentory Debit Credit 0 1 0 0 0 0 0 0 0 Purchases from Penns Company, 110,30 Required Prepare the necessary journal entries for the Webster Company GENERAL JOURNAL Date Description $ Debit Credit July 1 0 $ 0 0 Purchases from Dawson, Inc., 1/10, n/30. 2 0 0 0 ) 0 Purchases from Penn Company, 2/10, 1/30. 3 0 0 e 0 0 Pald freight on Dawson shipment. 5 0 0 0 0 Sales to Ward, Inc. 5 0 0 0 1 0 0 Cost of goods sold to Ward, Inc. 5 0 0 0 Paid freight on shipment to Ward, Inc. 8 0 DO O Returned goods to Dawson, Inc. 9 . 0 0 Issued credit memo to Ward, Inc. for goods returned 0 0 E Business Course n Return to course 0 0 Issued credit memo to Ward, Inc., for goods returned. 9 0 0 . . 0 0 Cost of goods returned by Ward, Inc. 10 0 0 0 0 0 0 Cash Paid Dawson, Inc. the amount due. 10 0 0 0 Purchases from Dorn Company, 2/10, n/30. 11 . 4 0 0 Paid freight on Dorn shipment. 15 Cash 0 0 . 0 0 47 0 Received amount due from Ward, Inc. 15 0 0 0 4 Sales to Colby Corporation 15 0 0 0 0 Cost of goods sold to Colby Corporation 0 16 0 Pald Penn Company the amount due. 16 0 0 0 > 0 Received credit memo for price adjustment from Dorn Company 19 0 0 . 0 0 Cash Paid Dorn the amount due. 25 Cash 0 0 0 4 0 OOO 0 Received amount due from Colby Corporation Please answer all parts of the
