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Prepare General Journal entries to record the following perpetual system merchandising transactions for Schafer Merchandising. Aug 2 Purchased merchandise from Zender Holdings for $18,000 under
Prepare General Journal entries to record the following perpetual system merchandising transactions for Schafer Merchandising. Aug 2 Purchased merchandise from Zender Holdings for $18,000 under credit terms of 1/15, n/30, FOB factory. Aug 4 Sold merchandise to Harbison Co. for $3,400; terms 2/10, n/30, FOB shipping point. The merchandise had cost $2,100. Aug 4 Paid $400 for freight charges on the purchase of Aug 2. Aug 9 Sold merchandise that cost $3,600 for $5,200 cash. Aug 10 Purchased merchandise from Cimarron Corporation for $7,300 under credit terms of 2/15,n/60, FOB destination. Aug 12 Received a $600 credit memorandum acknowledging the return of merchandise purchased on August 10. Aug 14 Received the balance due from Harbison Co. for the credit sale dated August 4. Aug 17 Paid the balance due to Zender Holdings. Aug 18 Purchased $1,750 of cleaning supplies from Davison Suppliers; terms n/15. Aug 20 Sold merchandise that cost $2,700 to Bev Dole for $3,900 under credit terms of 2/15, n/60, FOB shipping point. Aug 22 Issued a $500 credit memorandum to Bev Dole for an allowance on goods sold on Augus 20
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