Question 2. Journal Entries. (10 points each totaling 70 points) Analyze each transaction and write the journal entry. Include the name of the appropriate company with any accounts receivable or accounts payable entry. (a) On August 1, Stewart Company, a wholesaler, purchased 8,000 winter sleds from the Best Manufacturing, a manufacturer, at $30 each on terms 2/10, n/45. Assume Stewart maintains a perpetual inventory. Record the purchase on Stewart Company's books. GENERAL JOURNAL - STEWART COMPANY Date Description Debit Credit (b) On September 1, Nick's Sporting Goods purchases 100 winter sleds from Stewart Company for $45 each on terms 3/15, n/30. Assume Nick's uses a periodic inventory system. Record the purchase on Nick's Sporting Goods' books. GENERAL JOURNAL - NICK'S SPORTING GOODS Date Description Debit Credit Record the sale on Stewart Company's books. GENERAL JOURNAL - STEWART COMPANY Date Description Debit Credit (c) On September 10, Stewart Company makes full payment of the amount due to the manufacturer for the August 1 purchase of sleds. Record the payment on Stewart Company's books. GENERAL JOURNAL - STEWART COMPANY Date Description Debit Credit (d) During the month of October, Nick's Sporting Goods sold 30 sleds at $60 each for cash. Record the effect of the October sale on Nick's books. GENERAL JOURNAL - NICK'S SPORTING GOODS Date Description Debit Credit (e) On October 31, Nick's Sporting Goods makes full payment of the amount due to Stewart Company for the September 1 purchase of sleds. Record the payment on Nick's books. GENERAL JOURNAL - NICK'S SPORTING GOODS Date Description Debit Credit Record the payment on Stewart Company's books. GENERAL JOURNAL - STEWART COMPANY Date Description Debit Credit