Journalize the following transactions that occurred in September 2018 for Red Hawk, 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. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records salep at the (Click the icon to view the transactions.) More Info Sep. 3: Purchased merchandise inventory on account from Simmon Wholesalers, $7,000. Terms 2/15, n/EOM, Date Accounts Debit Credit Sep. 3 Sep. 3 4 4 6 8 9 10 12 13 Purchased merchandise inventory on account from Simmon Wholesalers, $7,000. Terms 2/15, n/EOM, FOB shipping point Paid freight bill of $75 on September 3 purchase. Purchase merchandise inventory for cash of $2,400. Returned $500 of inventory from September 3 purchase. Sold merchandise inventory to Hilton Company, $6,100, on account. Terms 3/15, n/35. Cost of goods, $2,806. Purchased merchandise inventory on account from Teddy Wholesalers, $11,000. Terms 1/10, n/30, FOB destination. Made payment to Simmon Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount. After negotiations, received a $200 allowance from Teddy Wholesalers. Sold merchandise inventory to Johnson Company, $3,400, on account. Terms n/EOM. Cost of goods, $1,360. Made payment, less allowance, to Teddy Wholesalers for goods purchased on September 9. Johnson Company returned $600 of the merchandise sold on September 15. Cost of goods, $240. Sold merchandise inventory to Smede for $1,700 on account that cost $680. Terms of 1/10, n/30 was offered, FOB shipping point. As a courtesy to Smede, $50 of freight was added to the invoice for which cash was paid by Red Hawk. Received payment from Smede, less discount. Received payment from Johnson Company, less return. 15 22 23 25 29 30 Print Done Choose from any list or enter any number in the input fields and then click Check
