pter 5 > Problems Group A for all problems, ne che perpetual inventory system is used unless stated otherwise. Round all wmbers to the nearest bole dollar unless stated otherwis 2016 for Cardinal, Objectives 1, 2, 3 P5-31A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2016 for Card: No explanations are needed. Identify each accounts payable and accounts receivabi with the vendor or customer name. Sep. 10 Cash $2,871 Month Sep.3 Purchased merchandise inventory on account from Sherry Wholesalers, $4. Terms 1/15, VEOM, FOB shipping point. 4 Paid freight bill of $75 on September 3 purchase 4 Purchased merchandise inventory for cash of $1,900. 6 Returned $1,100 of inventory from September 3 purchase. 8 Sold merchandise inventory to Houston Company, $5,500, on account. Terms 3/16 1/35. Cost of goods, $2,365. Purchased merchandise inventory on account from Tarin Wholesalers, $12,000. Terms 3/10, 1/30, FOB destination 10 Made payment to Sherry Wholesalers for goods purchased on September 3. less return and discount. 12 Received payment from Houston Company, less discount. 13 After negotiations, received a $200 allowance from Tarin Wholesalers. 15 Sold merchandise inventory to Java Company, $3,300, on account. Terms 2/10, IVEOM. Cost of goods, $1,320. 22 Made payment, less allowance, to Tarin Wholesalers for goods purchased on September 9.- 23 Java Company returned $900 of the merchandise sold on September 15. Cost of goods, $360 25 26 Sold merchandise inventory to Smecker for $1,900 on account that cost $722. Terms of 1/10, 1/30 was offered, FOB shipping point. As a courtesy to Smecker, $85 of freight was added to the invoice for which cash was paid by Cardinal. I After negotiations, granted a $200 allowance to Smecker for merchandise purchased on September 25. Received payment from Smecker, less allowance and discount. Received payment from Java Company, less return. 29 30