Oasis Company began its operation of distributing hardcover books to retail stores on January 1, 2012 Oasis extends credit terms of 2 10, n 30 to all of its customers During 2019 the business was engaged in the following selected transactions Jan 6 Purchased merchandise on account from Caleb Co $1,600, FOB shipping Point, terms 2 15, n 60 The appropriate party also made cash payment of $45 for freight cost 11 Received credit from Caleb Co for merchandise returned $180 17 Sold merchandise to Newman Co on account for $1,300, FOB destination point The merchandise sold had a cost of $880 Paid freight on Newman's sales $60 Paid Caleb Co Granted an allowance to Newman Co for merchandise returned $70 Purchased merchandise in cash from Misty Co $1,400, FOB destination The appropriate party also made cash payment of $40 for freight cost Received payment from Newman Co Returned damaged merchandise to Misty Co and was granted a refund $120 for returned merchandise Feb 1 Purchased an equipment costing $40,000 in cash 20 Sold merchandise to Galaxy Co on account for $1,550, FOB shipping point The merchandise sold had a cost of $750 March 3 Received payment from Galaxy Co March 31 Sold equipment that cost $75,000 when purchased on January 1, 2015 The equipment was sold for $40,000 The equipment is estimated to have a 10 year useful life and no salvage value June 3 Purchased merchandise on account from Pitman Co $1,300, FOB Destination Point, terms 1 10, n 60 The appropriate party also made cash payment of $55 for freight cost 17 Paid Pitman Co Dec 31 Retired equipment that cost $40,000 when purchased on December 31, 2012 The company received no proceeds related to salvage The equipment is estimated have a 8 year useful life and no salvage value Instruction Journalize the transactions with explanations (Ignore the reference numbers)

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Oasis Company began its operation of distributing hardcover books to retail stores on January 1, 2012. Oasis extends credit terms of 2/10, n/30 to all

Oasis Company began its operation of distributing hardcover books to retail stores on January 1, 2012. Oasis extends credit terms of 2/10, n/30 to all of its customers. During 2019 the business was engaged in the following selected transactions:

Jan 6 Purchased merchandise on account from Caleb Co. $1,600, FOB shipping Point,

terms 2/15, n/60. The appropriate party also made cash payment of $45 for freight cost.

11 Received credit from Caleb Co. for merchandise returned $180.

17 Sold merchandise to Newman Co. on account for $1,300, FOB destination point. The merchandise sold had a cost of $880.

Paid freight on Newman's sales $60.
Paid Caleb Co.
Granted an allowance to Newman Co. for merchandise returned $70.
Purchased merchandise in cash from Misty Co. $1,400, FOB destination. The appropriate party also made cash payment of $40 for freight cost.

Received payment from Newman Co.
Returned damaged merchandise to Misty Co. and was granted a refund $120 for returned merchandise.

Feb 1 Purchased an equipment costing $40,000 in cash.

20 Sold merchandise to Galaxy Co. on account for $1,550, FOB shipping point. The merchandise sold had a cost of $750.

March 3 Received payment from Galaxy Co.

March 31 Sold equipment that cost $75,000 when purchased on January 1, 2015. The equipment was sold for $40,000. The equipment is estimated to have a 10-year useful life and no salvage value.

June 3 Purchased merchandise on account from Pitman Co. $1,300, FOB Destination Point, terms 1/10, n/60. The appropriate party also made cash payment of $55 for freight cost.

17 Paid Pitman Co.

Dec 31 Retired equipment that cost $40,000 when purchased on December 31, 2012.

The company received no proceeds related to salvage. The equipment is estimated have a 8-year useful life and no salvage value.

Instruction:

Journalize the transactions with explanations (Ignore the reference numbers).