P5-31A Journalizing purchase and sale transactions

P5-31A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts ints receivable with the vendor or customer name. Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000 Terms 1/15, n/EOM, FOB shipping point. 4 Paid freight bill of $80 on September 3 purchase 4 Purchased merchandise inventory for cash of $1,700 6 Returned $500 of inventory from September 3 purchase 8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640 Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB destination. Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. 9 10 12 Received payment from Hermosa Company, less discount. 13 After negotiations, received a $200 allowance from Thomas Wholesalers. 15 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, n/EOM. Cost of goods, $1,050. 22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on 23 Jordan Company returned $400 of the merchandise sold on September 15. 25 Sold merchandise inventory to Smithsons for $1,100 on account that cost Cost of goods, $160. $400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by 26 After negotiations, granted a $100 allowance to Smithsons for merchandise purchased on September 25. Received payment from Smithsons, less allowance and discount. Received payment from Jordan Company, less return. 29 30