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On April 1, 2021, Jax Company purchases 50 units of product for resale from the Greene Co., on account. Each unit costs $300. Terms:

On April 1, 2021, Jax Company purchases 50 units of product for resale from the Greene Co., on account. Each unit costs $300. Terms: 2/10, Net 30. FOB Shipping point. Shipping costs are $100 and paid in cash by the responsible party. Prepare the appropriate journal entries for Jax Company. April 1 April 1 (shipping if necessary) April 3 - Jax returns 3 units to Greene Co. April 9 - Jax pays Cleveland Co. in full.

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