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Journalize the following transactions that occurred in September 2018 for Oceanic, assuming the perpetual inventory system is being used. No explanations are needed. Identify each
Journalize the following transactions that occurred in September 2018 for Oceanic, 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. Oceanic 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 Sheldon Wholesalers, $4,500. Terms 2/15, n/EOM, FOB shipping point. 4 Paid freight bill of $65 on September 3 purchase. 4 Purchase merchandise inventory for cash of $1,800. 6 Returned $1,000 of inventory from September 3 purchase. 8 Sold merchandise inventory to Harvey Company, $5,600, on account. Terms 2/15, n/35. Cost of goods, $2,352. 9 Purchased merchandise inventory on account from Thomas Wholesalers, $10,500. Terms 1/10, n/30, FOB destination. 10 Made payment to Sheldon Wholesalers for goods purchased on September 3, less return and discount 12 Received payment from Harvey Company, less discount. After negotiations, received a $400 allowance from Thomas Wholesalers. 13 15 22 23 Sold merchandise inventory to Java Company, $2,600, on account. Terms n/EOM. Cost of goods, $1,248. Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9. Java Company returned $500 of the merchandise sold on September 15. Cost of goods, $240. 25 Sold merchandise inventory to Smecker for $2,100 on account that cost $903. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Smecker, $55 of freight was added to the invoice for which cash was paid by Oceanic. 29 Received payment from Smecker, less discount. Received payment from Java Company, less return. 30
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