just need help to double check my journal entries and help on the income statement! thank you!
GL0402 (Static) - Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable--Aron.) Aug. 1 Purchased merchandise from Aron Company for $7,500 under credit terns of 1/10, 1/30, FOB destination, invoice Aug. 5 sold merchandise to Baird Corp. for $5,200 under credit terns of 2/10, 1/60, FOB destination, invoice dated Aug. 8 Purchased merchandise from Waters Corporation for $5,400 under credit terns of 1/10, 1/45, FOB shipping point, invoice dated August 8. Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Love's $400 and was sold for $600. The merchandise was restored to inventory. Aug. 12 After negotiations with waters Corporation concerning problems with the purchases on August 8, Lowe's received a credit nenorandum from Waters granting a price reduction of $400 off the 55,400 of goods purchased. Aug. 14 At Aron's request, Lowe's paid $200 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron. Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. Aug. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. Aug. 19 Sold merchandise to Tux Co. for $4,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise bad cost $2,400. Aug. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Aug. 29 Received Tux's cash paynent for the anunt due from the August 19 sate less the price allowance from August 22. Aug. 30 Paid Aron Company the amount due from the August 1 purchase. General General Schedule of Schedule of Income Requirement Trial Balance Impact on Journal Ledger Receivables Payables Statement Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction line View journal entry worksheet Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Prepare a multiple-step income statement. Lowe's Company Income Statement For the Month Ended August 31, 2020 es $ 0 $ 0 0 0 0 0 Operating expenses Net income
