Journalize the following transactions that occurred in September 2018 for Faucet, 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. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assure the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, Sep. 3 $4,000. Terms 2/15, VEOM, FOB shipping point. Sep. 4 Paid freight bill of $70 on September 3 purchase, Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company $5,800, on account. Terms Sep. 8 1/15, 6/35. Cost of goods $2,726. Purchased merchandise inventory on account from Thomas Wholesalers Sep. 9 $7,500. Terms 3/10, 1/30, FOB destination Made payment to Sidecki Wholesalers for goods purchased on September Sep. 10 3 less retum and discount, Sep. 12 Received payment from Harvey Company, less discount, Sep. 13 After negotiations, received a $200 allowance from Thomas Wholesalers, More info Sep. 10 3, less return and discount, Sep. 12 Received payment from Harvey Company, less discount. Sep. 13 After negotiations, received a $200 allowance from Thomas Wholesalers. Sold merchandise inventory to Johnson Company, $3,400, on account. Sep. 15 Terms n/EOM. Cost of goods, $1,530. Made payment, less allowance, to Thomas Wholesalers for goods Sep. 22 purchased on September 9. Johnson Company returned $300 of the merchandise sold on September 15. Sep. 23 Cost of goods, $135. Sold merchandise inventory to Salter for $2,100 on account that cost $756. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Salter, Sep. 25 $55 of freight was added to the invoice for which cash was paid by Faucet. Sep. 29 Received payment from Salter, less discount. Sep. 30 Received payment from Johnson Company, less return. Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Date Accounts Debit Credit Sep. 3 Sep. 4: Paid freight bill of $70 on September 3 purchase, Date Accounts Debit Credit Sep. 4 Sep. 4: Purchase merchandise inventory for cash of $2,300. Date Accounts Debit Credit Sep.4 Sep. 6: Returned $900 of inventory from September 3 purchase. Date Accounts Debit Credit Sep. 6 Sep. 8: Sold merchandise inventory to Harvey Company, $5,800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Sep. B Now journalize the expense related to the September 8 sale-Cost of goods, $2,726 Date Accounts Debit Credit Sep. 8 Sep. 9: Purchased merchandise inventory on account from Thomas Wholesalers, $7.500. Terms 3/10, 1/30, FOB destination. Date Accounts Debit Credit Sep. 9 Sep. 10: Made payment to Sidecki Wholesalers for goods purchased on September 3, less return and discount Date Accounts Debit Credit Sep. 10 Sep. 12: Received payment from Harvey Company, less discount. Date Accounts Debit Credit Sep. 12 Sep. 13. After negotiations, received a $200 allowance from Thomas Wholesalers. Date Accounts Debit Credit Sep. 13 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Sep. 15 Now journalize the expense related to the September 15 sale--Cost of goods, $1,530. Date Accounts Debit Credit Sep. 15 Sep. 22: Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9. Date Accounts Debit Credit Sep. 22 Sep. 23: Johnson Company returned $300 of the merchandise sold on September 15. Cost of goods, $135. Start by preparing the entry to record the refund and decrease to the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Accounts Debit Credit Sep. 23 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods retumed, $135. Date Accounts Debit Credit Sep. 23 Sep. 25: Sold merchandise inventory to Salter for $2,100 on account that cost $756. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Salter, $55 of freight was added to the invoice for which cash was paid by Faucet. Begin by preparing a compound journal entry to journalize the sale and the full amount of the receivable from this transaction. Do not record the expense related to the sale. We will do that in the following step. (Prepare a compound journal entry.) Date Accounts Debit Credit Sep. 25 Now journalize the expense related to the September 25 saleCost of goods, $756. Date Accounts Debit Credit Sep. 25 Sep. 29: Received payment from Salter, less discount. Date Accounts Debit Credit Sep. 29 Sep. 30: Received payment from Johnson Company, less return Date Accounts Debit Credit Sep. 30
