part 2

Requirement 2. Journalize these transactions on the books of P and G Furniture Warehouse. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 4: Nowland Fine Furnishings purchased $9,000 of merchandise from P and G Furniture Warehouse on account. Terms, 2/15, n/30. FOB shipping point. The goods cost P and G Furniture Warehouse $2,400. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.)