PS-314 Journalizing purchase and sale transactions

Journalize the following transactions chat occurred in September 2015 for

Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.

Sep. 3

Purchased merchandise inventory on account from Shalin Wholesalers, $5,000.

Terms 1/15, /EOM, FOB shipping point.

4

Paid freight bill of $80 on September 3 purchase.

4

Purchased merchandise inventory for cash of $1,700.

6

Returned $500 of inventory from September 3 purchase.

8

Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640.

9

Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB destination.

10

Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount.

Received payment from Hermosa Company, less discount.

After negotiations, received a $200 allowance from Thomas Wholesalers.

Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, /EOM. Cost of goods, $1,050.

Made payment, less allowance, to Thomas Wholesalers for goods purchased on

September 9.

23

Jordan Company returned $400 of the merchandise sold on September 15.

Cost of goods, $160.

25

Sold merchandise inventory to Smithsons for $1,100 on account that cost $400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by Aquamarines.

purchased on September 25.

After negotiations, granted a $100 allowance to Smithsons for merchandise

Received payment from Smithsons, less allowance and discount.

Received payment from Jordan Company, less return.

Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 1/15, n/EOM, FOB shipping point. 4 Paid freight bill of $80 on September 3 purchase. 4 Purchased merchandise inventory for cash of $1,700. 6 Returned $500 of inventory from September 3 purchase. 8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640. 9 Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10,n/30,FOB destination. 10 Made payment to Shallin Wholesalers for goods purchased on September 3 , less return and discount. 12 Received payment from Hermosa Company, less discount. 13 After negotiations, received a $200 allowance from Thomas Wholesalers. 15 Sold merchandise inventory to Jordan Company, \$2,500, on account. Terms 1/10, n/EOM. Cost of goods, \$1,050. 22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9 23 Jordan Company returned $400 of the merchandise sold on September 15. Cost of goods, $160. 25 Sold merchandise inventory to Smithsons for $1,100 on account that cost $400. Terms of 2/10,n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by Aquamarines. 26 After negotiations, granted a $100 allowance to Smithsons for merchandise purchased on September 25 Received payment from Smithsons, less allowance and discount. Received payment from Jordan Company, less ret