Question
Journalize the following transactions that occurred in September 2018 for Aqua. No explanations are needed. Identify each accounts payable and accounts receivable with the vender
Journalize the following transactions that occurred in September 2018 for Aqua. No explanations are needed. Identify each accounts payable and accounts receivable with the vender or customer name. Aqua estimates sales returns at the end of each month.
Sep 3. Purchased merchandise inventory on account from Sharper Wholesalers, 5500. Terms 2/15, n/EOM, FOB Shipping point.
Sep 4. Paid freight bill of 85 on Sep 3 purchase.
Sep 4. Purchased merchandise inventory for cash of 1600.
Sep 6. Returned 1300 of inventory from Sep 3 purchase.
Sep 8. Sold merchandise inventory to Hermane Co, 5700 on account. Terms 2/15, n/35. Cost of goods 2565.
Sep 9. Purchased merchandise inventory on account from Truckerd Wholesalers, 6000. Terms 3/10, n/30, FOB destination.
Sep 10. Made payment to Sharper Wholesalers for goods purchased on Sep 3, less return and discount.
Sep 12. Received payment from Hermane Co, less discount.
Sep 13. After negotiations, received 500 allowance from Truckerd Wholesalers.
Sep 15. Sold merchandise inventory to Jermane Company, 2800 on account. Terms n/EOM. Cost of goods 1200.
Sep 22. Made payment, less allowance to Truckerd Wholesalers, for goods purchased on Sep 9.
Sep 23. Jermane Company returned 200 of the merchandise sold on Sep 15. Cost of goods 80.
Sep 25. Sold merchandise inventory to Small for 1800 on account that cost 738. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to small, 40 of freight was added to invoice for which cash was paid by Aquamarina.
Sep 29. Received payment from Small, less discount.
Sep 30. Received payment from Jermane Company, less return.
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