Prepare joumal entries to record the following merchandising transactions of Walker's, which uses the perpetual inventory system. (Hint: It will help to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable--Mitchel.) Auguit 1 Purchased merchandise from Mitchell company for 50,700 under credit teras of 1/10,n/30,f08 destination, invoice dated August 1 . August 5501d merchandise to zhang Corporation for $5,500 under credit terns of 2/10,n/60, ros destination, Invoice dated August 5. The merchandise had cost $3,500. Auguit \& Purchased merchandise from Thompson corporation for $5,640 under credit terns of 1/10,n/45, fos shipping point, involce dated August s. August 9 Paid $525 cash for shipping charges related to the August 5 sole to thang corporation August 10 zhang returned merchandise from the August 5 sale that had cost Walker's $200 and was sold for 5300 . The nerchandise was restored to inventory. August 12 After negotiations with Thompson Corporation concerning problems with the purchases on August 8, Waiker's received a credit memorandim from Thompson granting a price reduction of $700 off the $5,640 of goods purchased. August 14 At Mitchel's request, Walker's paid s300 cash for freight charges on the August i purchase, reducing the amount owed to Mitehel. August 15 Recelved balance due from zhang Corporation for the August 5 sale less the return on August 10. August is Paid the amount due Thoepson Corporation for the August a purchase less the price allowance from August 12. August 19 Sold merchandise to Kaight Company for 53,900 under credit teras of n/10, Po6 shipping point, Involce dated August 10. The merchandise had cost s1,950. August 22 Knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Wolker's sent Knight o $400 credit menorandum toward the $3,900 involce to resolve the issue. August 29 Recelved Knight's cash payment for the anount due from the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the anount due from the August 1 purchase. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab - One of the advantages of general ledger software is that posting is done autornatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Baiance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement tab - Prepare a multiple-step income statement. Impact on Income tab - Indicate the impact each transaction had on net income. Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivabl payable will be updated based on your entries. Journal entry worksheet 2 567816> Purchased merchandise from Mitchell Company for $8,700 under credit terms of 1/10,n/30,FOB destination, invoice dated August 1. Note: Enter debits before credits. August 14 At Mitchel's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the amount owed to Mitchel. August 15 Received balance due from Zhang Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Thompson Corporation for the August 8 purchase less the price allowance from August 12 . August 19 sold nerchandise to Knight Company for $3,900 under credit terms of n/10, Foe shipping point, Invoice dated August 19. The merchandise had cost $1,950. August 22 . Knight requested a price reduction on the August 19 sale because the merchandise did not meet speeifications. Walker's sent Knight a $400 credit nenorandun toward the $3,990 involce to resolve the issue. August 29 Received Knight's cash payment for the anount due fron the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the amount due from the August 1 purchase. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price alloance from August 12. August 19 Sold nerchandise to Knight Company for $3,960 under credit terms of n/10, FoB shipping point, invoice dated August 19. The merchandise had cost $1,950. August 22 Knight requested a price reduction on the August 19 sole because the merchandise did not. meet specifications. Walker's sent Knight o $460 credit memorandum toward the $3,909 involce to resolve the issue. August 29 Received Knight's cash paynent for the anount due froe the August 19 sale less the price allowance from August 22. August 30 paid Aitchel Conpany the amount due from the August 1 purchase. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the cotal debits do not equal the total credits, you have a journal entry that is out of balance, If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the joumal entries that affected that account to ensure that the joumal entries are correct. Mitchel. August 15 Received balance due from Zhang Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Thompson Corporation for the August b purchase less the price allowance from August 12. August 19 Sold merchandise to Knight Company for $3,909 under credit terms of n/10, FoB shipping point, invoice dated August 19. The merchandise had cost $1,950. August 22 knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit memorandum toward the $3,900 invoice to resolve the issue. August 29 Received Knight's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the amount due fron the August 1 purchase. credit memorandum from Thompson granting a price reduction of $700 off the $5,640 of 800ds purchased. August 14 At Mitchel's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the anount owed to Mitchel. August 15 Received balance due from thang Corporation for the August 5 sale less the retuen on August 10. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Kalght Company for $3,900 under credit terns of a/10, FoB shipping point, involce dated August 19. The merchandise had cost $1,950. August 22knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit menorandun toward the $3,909 involce to resolve the issue. August 29 Received Knight's cash payment for the anount due from the August 19 sale less the price allouance froe August 22. August 30 Paid Mitchel Company the anount due from the August 1 purchase. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price allowance fron August 12 . August 19 sold merchandise to knight Company for $3,900 under credit teras of n/10, Fob shipping point, invoice dated August 19. The mecchandise had cost $1,950. August 22 Knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit menorandun toward the $3,900 invoice to resolve the issue. August 29 Received knight's cash payment for the amount due from the August 19 sale less the price allowance froa August 22. August 3 e paid Mitchel Conpany the anount due fron the August 1 purchase. Prepare a multiple-step income statement. For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the amount of income with the amount reported on the income statement. August 10) The cost of the merchandise retumed by Walker's was $200. The merchandise was restored to inventory August 12) After negotiations with Thompson Corporation conceming problems whith the purchases on August 8 , Walker's received a credi memorandum from Thompson granting a price reduction of $700 off the $5,640 of goods purchased. August 14) At Mitcher's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the amount owed to Mitchel August 15) Recelved balance due from Zhang Corporation for the August 5 sale less the retum on August 10. August 18) Paid the amount due Thompson Corporation for the August 8 purchase less the price allowance from August 12 August 19) Sold merchandise to Knight Company for $3,900 under credit terms of n/10. FOB shipping point, invoice dated August 19. August 19) The cost of the merchandise sold merchandise to Knight was $1,950 August 22) Knight requested a price reduction on the August 19 sale becauso the merchandise did not meet specifications. Walker's sent Knight a $400 credit memorandum toward the $3,900 invoice to resolve the issue August 29) Recelved Knight's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Mitchel Company the amount due from the August 1 purchase. Total income Prepare joumal entries to record the following merchandising transactions of Walker's, which uses the perpetual inventory system. (Hint: It will help to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable--Mitchel.) Auguit 1 Purchased merchandise from Mitchell company for 50,700 under credit teras of 1/10,n/30,f08 destination, invoice dated August 1 . August 5501d merchandise to zhang Corporation for $5,500 under credit terns of 2/10,n/60, ros destination, Invoice dated August 5. The merchandise had cost $3,500. Auguit \& Purchased merchandise from Thompson corporation for $5,640 under credit terns of 1/10,n/45, fos shipping point, involce dated August s. August 9 Paid $525 cash for shipping charges related to the August 5 sole to thang corporation August 10 zhang returned merchandise from the August 5 sale that had cost Walker's $200 and was sold for 5300 . The nerchandise was restored to inventory. August 12 After negotiations with Thompson Corporation concerning problems with the purchases on August 8, Waiker's received a credit memorandim from Thompson granting a price reduction of $700 off the $5,640 of goods purchased. August 14 At Mitchel's request, Walker's paid s300 cash for freight charges on the August i purchase, reducing the amount owed to Mitehel. August 15 Recelved balance due from zhang Corporation for the August 5 sale less the return on August 10. August is Paid the amount due Thoepson Corporation for the August a purchase less the price allowance from August 12. August 19 Sold merchandise to Kaight Company for 53,900 under credit teras of n/10, Po6 shipping point, Involce dated August 10. The merchandise had cost s1,950. August 22 Knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Wolker's sent Knight o $400 credit menorandum toward the $3,900 involce to resolve the issue. August 29 Recelved Knight's cash payment for the anount due from the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the anount due from the August 1 purchase. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab - One of the advantages of general ledger software is that posting is done autornatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Baiance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement tab - Prepare a multiple-step income statement. Impact on Income tab - Indicate the impact each transaction had on net income. Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivabl payable will be updated based on your entries. Journal entry worksheet 2 567816> Purchased merchandise from Mitchell Company for $8,700 under credit terms of 1/10,n/30,FOB destination, invoice dated August 1. Note: Enter debits before credits. August 14 At Mitchel's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the amount owed to Mitchel. August 15 Received balance due from Zhang Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Thompson Corporation for the August 8 purchase less the price allowance from August 12 . August 19 sold nerchandise to Knight Company for $3,900 under credit terms of n/10, Foe shipping point, Invoice dated August 19. The merchandise had cost $1,950. August 22 . Knight requested a price reduction on the August 19 sale because the merchandise did not meet speeifications. Walker's sent Knight a $400 credit nenorandun toward the $3,990 involce to resolve the issue. August 29 Received Knight's cash payment for the anount due fron the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the amount due from the August 1 purchase. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price alloance from August 12. August 19 Sold nerchandise to Knight Company for $3,960 under credit terms of n/10, FoB shipping point, invoice dated August 19. The merchandise had cost $1,950. August 22 Knight requested a price reduction on the August 19 sole because the merchandise did not. meet specifications. Walker's sent Knight o $460 credit memorandum toward the $3,909 involce to resolve the issue. August 29 Received Knight's cash paynent for the anount due froe the August 19 sale less the price allowance from August 22. August 30 paid Aitchel Conpany the amount due from the August 1 purchase. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the cotal debits do not equal the total credits, you have a journal entry that is out of balance, If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the joumal entries that affected that account to ensure that the joumal entries are correct. Mitchel. August 15 Received balance due from Zhang Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Thompson Corporation for the August b purchase less the price allowance from August 12. August 19 Sold merchandise to Knight Company for $3,909 under credit terms of n/10, FoB shipping point, invoice dated August 19. The merchandise had cost $1,950. August 22 knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit memorandum toward the $3,900 invoice to resolve the issue. August 29 Received Knight's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30 Paid Mitchel Company the amount due fron the August 1 purchase. credit memorandum from Thompson granting a price reduction of $700 off the $5,640 of 800ds purchased. August 14 At Mitchel's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the anount owed to Mitchel. August 15 Received balance due from thang Corporation for the August 5 sale less the retuen on August 10. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Kalght Company for $3,900 under credit terns of a/10, FoB shipping point, involce dated August 19. The merchandise had cost $1,950. August 22knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit menorandun toward the $3,909 involce to resolve the issue. August 29 Received Knight's cash payment for the anount due from the August 19 sale less the price allouance froe August 22. August 30 Paid Mitchel Company the anount due from the August 1 purchase. August 18 Paid the anount due Thompson Corporation for the August 8 purchase less the price allowance fron August 12 . August 19 sold merchandise to knight Company for $3,900 under credit teras of n/10, Fob shipping point, invoice dated August 19. The mecchandise had cost $1,950. August 22 Knight requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Walker's sent Knight a $400 credit menorandun toward the $3,900 invoice to resolve the issue. August 29 Received knight's cash payment for the amount due from the August 19 sale less the price allowance froa August 22. August 3 e paid Mitchel Conpany the anount due fron the August 1 purchase. Prepare a multiple-step income statement. For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the amount of income with the amount reported on the income statement. August 10) The cost of the merchandise retumed by Walker's was $200. The merchandise was restored to inventory August 12) After negotiations with Thompson Corporation conceming problems whith the purchases on August 8 , Walker's received a credi memorandum from Thompson granting a price reduction of $700 off the $5,640 of goods purchased. August 14) At Mitcher's request, Walker's paid $300 cash for freight charges on the August 1 purchase, reducing the amount owed to Mitchel August 15) Recelved balance due from Zhang Corporation for the August 5 sale less the retum on August 10. August 18) Paid the amount due Thompson Corporation for the August 8 purchase less the price allowance from August 12 August 19) Sold merchandise to Knight Company for $3,900 under credit terms of n/10. FOB shipping point, invoice dated August 19. August 19) The cost of the merchandise sold merchandise to Knight was $1,950 August 22) Knight requested a price reduction on the August 19 sale becauso the merchandise did not meet specifications. Walker's sent Knight a $400 credit memorandum toward the $3,900 invoice to resolve the issue August 29) Recelved Knight's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Mitchel Company the amount due from the August 1 purchase. Total income