Journal entry worksheet Note: Enter debits before credits. August 19 Sold merchandise to Tux Conpany for $4,800 under credit terms of n/10, FOB shipp August 19. The merchandise had cost $2,400. August 22 Tux requested a price reduction on the August 19 sale because the merchandise di Lowe's gave a price'reduction (allowance) of $500 to Tux and credited Tux's acco anount. August 29 Received Tux's cash paynent for the anount due from the August 19 sale less the August. 30 Paid Aron Company the anount due fron the August 1 purchase. Journal entry worksheet Sold merchandise to Tux Company for $4,800 under credit terms of N/10,FOB shipping point, invoice dated August. 19. Wote: Enter debats before credits. Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased nerchandise from Aron Company for $7,500 under credit terms of 1/10,n/30,f0B destination, invoice dated August 1. August 5 Sold perchandise to Eaird Corporation for $5,200 under credit terms of 2/10,0/60, FoB destination, invoice dated August 5 . The merchandise had cost $4,600. August 8 Purchased merchandise fron Waters Corporation for $5,400 under credit terns of 1/10,n/45, FOB shipping point, invoice dated August 8 . August 9 Pald $125 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned nerchandise fron the August 5 sale that had cost Lowe's $400 and was sold for $600. The serchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problens with the purchases on August 8 , Lowe's recelved a price reduction fron Waters of $400 off the $5,400 of goods purchased. Lowe's debited accounts payable for s4eo. August 14 At Aron's request, Love's paid $200 cash for treight charges on the August 1 purchase, reducing the anount owed (accounts payable) to Aron. August 15 Recelved batance due from Baird Corporation for the August 5 sale less the return on August 10. August 18 paid the anount due Waters Corporation for the August \& purchase tess the price altowance from August 12. August 19 Sold merchandise to Tux Company for $4,800 under credit terns of n/10, Fob shipping point, invoice dated August 22 August 19 . The nerchandise had cost $2,400. Towe's requested a price reduction on the August 19 sale because the nerchandise did not neet specifications. ampunt. August 29 Received Tux's cash paysent for the anount due fron the August 19 sale less the price allowance fron August. Abqust 30 Paid Aron Company the anount due fron the August 1 purchase. Journal entry worksheet Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10,n/45,FOB shipping point, invoice dated August 8. Note: Enter debits before credits. Journal entry worksheet Record the merchandise, cost $400, that was restored to inventory. Note: Enter debits before credits. Journal entry worksheet Baird returned merchandise from the August 5 sale that was sold for $600. Note: Enter debits before credits. August 19 Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shipp August 19. The enerchandise had cost $2,400. August 22 Tux requested a price reduction on the August 19 sale because the merchandise di Lowe's gave a price'reduction (allowance) of $500 to Tux and credited Tux's acco amount. August 29 Received Tux's cash payment for the amount due from the August 19 sale less the 22 . August 30 Paid Aron Company the amount due from the August 1 purchase. Journal entry worksheet Paid Aron Company the amount due from the August 1 purchase. Note: Enter debits before credits. Aogust is sold nerchandise to fox Company for $4,860 under credit terns of n/10, Fos ship A.tost 19. The - berchandise had cost \$2, tea. Agust 22 Tux requested a price reduction on the hugust 19 sale because the nerchandise d tove's gave a price'reduction (allowance) of ssee to Tux and credited Tux's act ascunt. Aopust 29 Received Tux's cash paynent for the amount due fron the August 19 sale less the 22. August je paid Aron Congany the anount due fron the August 1 purchase. Journal entry worksheet Tux requested a price roduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a price reductuobn (ollowance) of $900 to Thx and crodited Tux's accounts receivable for that areount. hitei trear cebits sefore engh. Journal entry worksheet Sold merchandise to Baird Corporation for $5,200 under credit terms of 2/10, n/60,FOB destination, invoice dated August 5. Note: Enter debits before credits. Journal entry worksheet At Aron's request, Lowe's paid $200 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron. Note: Enter debits before credits. Journal entry worksheet 123456 16 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of $400 off the $5,400 of goods purchased. Lowe's debited accounts payable for $400. Note: Enter debits before credits. Journal entry worksheet Paid $125 cash for shipping charges related to the August 5 sale to Baird Corporation. Note: Enter debits before credits. August 19 Sold merchandise to Tux Conpany for $4,8e0 under credit terms of n/10, F08 ship Nugust 19. The herchandise had cost \$2,4e0. August 22 Tux requested a price reduction on the August 19 sate because the merchandise di Lone's gave a price-reduction (allowance) of $500 to Tux and credited Tux's acc anount. August 29 Received Tux's cash payment for the onount due fron the August 19 sale less the August 30 Pald Aron Company the anount due fron the August 1 purchase. Journal entry worksheet Journal entry worksheet Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. Note: Enter debits before credits. Journal entry worksheet Received balance due from Baird Corporation for the August 5 sale less the return on August 10. Note: Enter debits before credits. Journal entry worksheet 34567816 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10,n/30, FO 3 destination, invoice dated August 1. Note: Enter debits before credits. August 19 Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shi August 19. The merchandise had cost $2,400. August 22 Tux requested a price reduction on the August 19 sate because the merchandise Lowe's gave a price'reduction (allowance) of $500 to Tux and credited Tux's ac anount, August 29 Received Tux's cash payment for the anount due from the August 19 sate less th August 30 Paid Aron Company the amount due from the August 1 purchase. Journal entry worksheet Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Note: Enter debits before credits