Prepare journal entries to record the following transactions for Gilligan (A-E), Ginger and Mary Ann (F-J), and the Professor (K-O). Show work on calculations supporting your amounts.

Pay attention to whether the buyer or supplier pays the freight cost to have them delivered. You should record an entry for ONLY when the buyer pays for the products to be delivered. If the supplier pays for the products to be delivered just record No entry in the space under the transaction.

Pay attention to the last entry for each regarding whether or not a cash discount is allowed. Not everyone paid on time. Record a cash discount ONLY if paid within the discount period.

Gilligan purchased 1,200 coconuts on account from Chief Ugundi at a cost of $3 each.

Account Debit Credit

Gilligan paid $150 to have the coconuts delivered to his retail store.

Account Debit Credit

After inspecting the coconuts purchased earlier, Gilligan noticed that 100 of them were rotten. So, he sent them back for a full refund.

Account Debit Credit

After inspecting the coconuts purchased earlier, Gilligan noticed that 100 of them were not quite ripe as promised by Chief Ugundi. Instead of sending these back, Chief Ugundi offered Gilligan $200 if he would keep those coconuts as they are. Gilligan accepted.

Account Debit Credit

Chief Ugundi offered Gilligan a discount of 1% if he makes a full payment in 10 days after receipt of the coconuts. Otherwise, the full amount is due in 30 days after receipt. Gilligan paid off the remainder of the balance owed to Chief Ugundi within the cash discount period. Prepare the entry to record the payment.

Account Debit Credit

Ginger and Mary Ann purchased 100 beads on account from Chief Ugundi at a cost of $10 each.

Account Debit Credit

Chief Ugundi liked both Ginger and Mary Ann, so he paid the $20 it cost to have the beads delivered to them.

Account Debit Credit

After inspecting the beads, Ginger noticed that 10 beads were made with inferior gems. So, they were sent back for a full refund.

Account Debit Credit

After inspecting the beads, Mary Ann discovered that they were all very dirty and needed to be cleaned. After complaining to Chief Ugundi, he offered them $50 for their trouble in cleaning the beads. They accepted his offer.

Account Debit Credit

Chief Ugundi offered Ginger and Mary Ann a discount of 1% if they make a full payment in 10 days after receipt of the beads. Otherwise, the full amount is due in 30 days after receipt. Since only a few of the beads had been sold by the time the discount period expired, Ginger and Mary Ann waited the 30 days to pay off the remainder of the balance owed to Chief Ugundi. Prepare the entry to record the payment.

Account Debit Credit

The Professor purchased 500 pounds of lava rocks on account from Chief Ugundi at a cost of $4 per pound.

Account Debit Credit

The Professor paid $200 to have the lava rocks delivered to his laboratory.

Account Debit Credit

After inspecting the lava rocks, the Professor noticed that several shale rocks had been included. He sent 50 pounds of shale rocks back for a full refund.

Account Debit Credit

After inspecting the lava rocks, the Professor determined that numerous rocks were below the size and weight he had specified. Instead of sending these back, Chief Ugundi offered him $100 if he would accept them as is. The Professor accepted those terms.

Account Debit Credit

Chief Ugundi offered the Professor a discount of 2% if he makes a full payment in 10 days after receipt of the lava rocks. Otherwise, the full amount is due in 30 days after receipt. The Professor paid off the remainder of the balance owed to Chief Ugundi within the cash discount period. Prepare the entry to record the payment.

Account Debit Credit