of Sep 5 Sep 8 Question 2 (42 marks, 30 minutes) The following are perpetual system merchandising transactions for Avengers Corp. Sep Purchased merchandise from Loki Inc. for $12,500; terms 2/5, n/15, FOB destination Sep 4 At Loki Inc.'s request, paid $780 for freight charges on the September 1 purchase, reducing the amount owed to Loki Inc. Sold merchandise to Thor Ltd. for $14,700; terms 2/5, n/15, FOB destination The merchandise cost $11,250) Purchased $6,800 of merchandise from Marvel Suppliers; terms 1/10,n/20, FOB shipping point Sep 9 paid $415 shipping charges related to the Sep 5 sale to Thor Ltd. Sep 10 Thor Ltd returned the merchandise purchased from the September 5 sale that had cost $960 and been sold for $1,300. The merchandise was restored to inventory Sep 12 After negotiations with Marvel Suppliers concerning problems with the merchandise purchased on September 8, received a credit memo from Marvel granting a price reduction of $500 Sep 15 Collected the amount owing from Thor Ltd. regarding the June 5 sale Sep 17 Purchased office equipment from Wakanda for $10,100; terms n/60 Sep 18 Paid Marvel Suppliers for the September 8 purchase Sep 17 Sep 18 Purchased office equipment from Wakanda for $10,100; terms n/60 Paid Marvel Suppliers for the September 8 purchase Sep 19 Sold merchandise to Stark Enterprises for $4,300 under credit terms 3/10, n/30, FOB shipping point. The merchandise cost $2,200. Sep 22 Stark Enterprises requested a price reduction on the September 19 sale because the merchandise did not meet specifications. Sent Stark a credit memo for $600 to resolve the issue. Sep 29 Collected the amount owing from Stark Enterprises for the Sep 19 purchase. Sep 30 paid Loki Inc. the amount due from the August 1 purchase. Required - using the worksheets provided 1. Prepare general journal entries to record the above transactions. Use a separate account for each receivable and payable. A T BIUS X x iii INI Sep 29 Collected the amount owing from Stark Enterprises for the Sep 19 purchase. Sep 30 paid Loki Inc. the amount due from the August 1 purchase. Required - using the worksheets provided 1. Prepare general journal entries to record the above transactions. Use a separate account for each receivable and payable. 1 AT !!! BIUS * * 3 5 General Journal Page 1 Date Account Titles and Explanation Debit Credit