Mason, Inc. had the following merchandising transactions during the month of March. Prepare journal entries to record these transactions. Mason, Inc. uses the perpetual inventory system and the gross method. March 1 Purchased merchandise from Aron Company for $10,000 under credit terms of 1/10, n/30, FOB destination, invoice dated March 1. March 5 Sold merchandise to Baird Corporation for $7,000 under credit terms of 2/10, n/60, FOB destination, invoice dated March 5. The merchandise had cost $5,000. March 8 Purchased merchandise from Waters Corporation for $9,000 under credit terms of 1/10, n/45, FOB shipping point, "invoice dated March 8. March 9 Paid $140 cash for shipping charges related to the March 5 sale to Baird Corporation. March 10 Baird returned merchandise from the March 5 sale that had cost Mason $500 and was sold for $1,000. The merchandise was restored to inventory. March 12 After negotiations with Waters Corporation concerning problems with the purchases on March 8, Mason received a price reduction from Waters of $900 off the $9,000 of goods purchased. Mason debited accounts payable for $900. March 14 At Aron's request, Mason paid $110 cash for freight charges on the March 1 purchase, reducing the amount owed (accounts) payable) to Aron. March 15 Received balance due from Baird Corporation for the March 5 sale less the return on March 10. March 18 Paid the amount due Waters Corporation for the March 8 purchase less the price allowance from March 12. March 19 Sold merchandise to Tux Company for $6,000 under credit terms of n/10, FOB shipping point, invoice dated March 19. The merchandise had cost $3,000. March 22 Tux requested a price reduction on the March 19 sale because the merchandise did not meet specifications. Mason gave a price reduction (allowance) of $1,000 to Tux and credited Tux's accounts receivable for that amount. March 29 Received Tux's cash payment for the amount due from the March 19 sale less the price allowance from March 22. March 30 Paid Aron Company the amount due from the March 1 purchase. (Hint: Don't forget the 3/14 transaction). Hint: You will record the cost of goods sold on the next journal entry tab following the one on which you recorded the sale. Journal entry worksheet < 1 2 3 4 5 6 7 8 ... 16 Purchased merchandise from Aron Company for $10,000 under credit terms of 1/10, n/30, FOB destination, invoice dated March 1. Note: Enter debits before credits. Date Mar 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 3 4 5 6 7 8 16 Sold merchandise to Baird Corporation for $7,000 under credit terms of 2/10, n/60, FOB destination, invoice dated March 5. Note: Enter debits before credits. Date Mar 05 General Journal Debit Credit Journal entry worksheet < 1 2 4 5 6 7 8 16 Record cost of merchandise sold to Baird, $5,000. Note: Enter debits before credits. Date Mar 05 General Journal Debit Credit 2 3 5 6 7 8 ..... 16 Purchased merchandise from Waters Corporation for $9,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated March 8. Note: Enter debits before credits. Date Mar 08 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 6 7 8... ..... 16 Paid $140 cash for shipping charges related to the March 5 sale to Baird Corporation. Note: Enter debits before credits. Date Mar 09 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 8. 16 Baird returned merchandise from the March 5 sale that was sold for $1,000. Note: Enter debits before credits. Date Mar 10 General Journal Debit Credit 9 Journal entry worksheet < 1 2 3 4 5 6 8 16 Record the merchandise returned by Baird, cost $500, that was restored to inventory. Note: Enter debits before credits. Date Mar 10 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 7 Clico 16 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Mason received a price reduction from Waters of $900 off the $9,000 of goods purchased. Mason debited accounts payable for $900. Note: Enter debits before credits. Date Mar 121 General Journal Debit Credit A At Aron's request, Mason paid $110 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron. Note: Enter debits before credits. Date Mar 14 General Journal Debit Credit Received balance due from Baird Corporation for the March 5 sale less the return on March 10. Note: Enter debits before credits. Date Mar 15. General Journal Debit Credit Paid the amount due Waters Corporation for the March 8 purchase less the price allowance from March 12. Note: Enter debits before credits. Date Mar 18 General Journal Debit Credit Sold merchandise to Tux Company for $6,000 under credit terms of n/10, FOB shipping point, invoice dated March 19. Note: Enter debits before credits. Date Mar 19 General Journal Debit Credit Record cost of merchandise sold to Tux, $3,000. Note: Enter debits before credits. Date Mar 19 General Journal Debit Credit Tux requested a price reduction on the March 19 sale because the merchandise did not meet specifications. Mason gave a price reduction (allowance) of $1,000 to Tux and credited Tux's accounts receivable for that amount. Note: Enter debits before credits. Date Mar 22 General Journal Debit Credit Received Tux's cash payment for the amount due from the March 19 sale less the price allowance from March 22. Note: Enter debits before credits. Date Mar 29 General Journal Debit Credit Paid Aron Company the amount due from the March 1 purchase. Note: Enter debits before credits. Date Mar 30 General Journal Debit Credit