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Please Help P5-41B > Problems Group B For all problems, assume the perpetual insentory system is used unless stated otherwise. Roumd all numbers to the
Please Help P5-41B
> Problems Group B For all problems, assume the perpetual insentory system is used unless stated otherwise. Roumd all numbers to the nearest whole dollar unless stated otherwise Ps-41B Journalizing purchase and sale transactions Journalize the following transactions thar occurred in February 2018 for Oceanic. No explanations are needed. Identify cach accounts payable and accounts receivable with the vendor or cuseomer name. Oceanic escimates sales returns at the end of each month 2, 3 Purchased merchandise inventory on account from Silton Wholesalers $5,200. Terms 2/15, n/EOM., FOB shipping point. Feb. 3 Paid freight bill of $70 on February 3 purchase Purchased merchandise inventory for cash of $1,500. 4 4 Returned $900 of inventory from February 3 purchase. 8 Sold merchandise inventory to Herenda Company, $5,600, on account Terms 3/15, nv35. Cost of goods, $2,352 Purchased merchandise inventory on account from Teddy Wholesalers $7,000. Terms 1/10, n/30, FOB destination. Made payment to Silton Wholesalers for goods purchased on February 3, less return and discount. 10 12 Received payment from Herenda Company, less discount. After negotiations, received a $500 allowance from Teddy Wholesalers Sold merchandise inventory to Jordon Company, $3,400, on account Terms n/EOM. Cost of goods, $1,496. 13 15 Made payment, less allowance, to Teddy Wholesalers for goods purchased on February 9. 22 Jordon Company returned $1,000 of the merchandise sold on February 15. Cost of goods, $440 23 Sold merchandise inventory to Smith for $1,700 on account that cost 25 $663. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smith, $70 of freight was added to the invoice for which cash was paid by Oceanic. Received payment from Smith, less discount. 27 Received payment from Jordon Company, less return. 28
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