pt 1 Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $77,100 with terms 2/10, n/30. The cost of the goods sold was $42,750. 6 Received payment less the discount. 7 Refunded $600 to customer for defective merchandise that was not returned.

pt 2.

Shore Co. sold merchandise to Blue Star Co. on account, $32,350, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $17,000. Shore paid freight of $750.

Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of account titles.

pt. 3

Hahn Flooring Company uses a perpetual inventory system.

A.	Sales returns of $97,650 and merchandise returns of $48,100 are estimated for the current year's sales.
B.	The inventory account has a balance of $673,400, while physical inventory indicates that $663,800 of merchandise is on hand.

Journalize the December 31 adjusting entries based on the above transactions. Assume that the inventory shrinkage is a normal amount. Refer to the Chart of Accounts for exact wording of account titles.