P5-36

Journalize the following transactions that occurred in September for Oceanic, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Oceanic estimates sales retu debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate. Assume the company records sales at the net amount.) A (Click the icon to view the transactions.) .. - X Sep. 3: Purchased merchandise inventory on account from Sheldon Wholesalers, $6,000. Terms 2/15, n/EOM, FOB shipping point. More info Date Accounts Debit Credit Sep 3 Sep. 3 Sep.4 Sep. 4 Sep. 6 Sep. 8 Sep. 9 Sep. 10 Purchased merchandise inventory on account from Sheldon Wholesalers, $6,000. Terms 2/15, n/EOM, FOB shipping point Paid freight bill of $60 on September 3 purchase. Purchase merchandise inventory for cash of $2,300. Returned $600 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5,800, on account. Terms 2/15, n/35. Cost of goods, $2,784. Purchased merchandise inventory on account from Tripp Wholesalers, $10,000. Terms 2/10, n/30, FOB destination. Made payment to Sheldon Wholesalers for goods purchased on September 3, less return and discount. Received payment from Harvey Company, less discount. After negotiations, received a $400 allowance from Tripp Wholesalers. Sold merchandise inventory to Jesper Company, $2,800, on account. Terms n/EOM. Cost of goods, $1,148. Made payment, less allowance, to Tripp Wholesalers for goods purchased on September 9. Sold merchandise inventory to Salter for $2,100 on account that cost $840. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Salter, $55 of freight was added to the invoice for which cash was paid by Oceanic. Received payment from Salter, less discount. Received payment from Jesper Company. Sep. 12 Sep. 13 Sep. 15 Sep. 22 Sep. 25 Sep. 29 Sep. 30 Print Done