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Accounting for Merchandising Operations Chapter 4 petual inventory system and the gross method. (Hint: It will help to identify each receivable and p for example, record the purchase on August 1 in Accounts Payable-Aron.) per payable Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the p Aug. 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30,FOB 5 Sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, n/60, FOB destination 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, atries destination, invoice dated August 1. invoice dated August 5, The merchandise had cost $4,000. FOB shipping point, invoice dated August 8 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. 9 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for ery 10 $600. The merchandise was restored to inventory 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a credit memorandum from Waters granting a price reduction of $400 off At Aron's request, Lowe's paid $200 cash for freight charges on the August 1 purchase, reduc- the $5,400 of goods purchased. 14 ing the amount owed to Aron. Received balance due from Baird Corp. for the August 5 sale less the return on August 10 15 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. 19 Sold merchandise to Tux Co. for $4,800 under credit terms of n/10, FOB shipping point in. voice dated August 19. The merchandise had cost $2,400 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit memorandum toward the $4,800 invoice to re solve the issue. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allow- ance from August 22 30 Paid Aron Company the amount due from the August 1 purchase. boviaos 01 o boa