Question 2 Not complete Marked out of 122.00 Flag question Support Journal Entries for Merchandise Transactions-Perpetual System Webster Company was established on July 1. Its sales terms are 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are given below. Unless noted, all transactions are on account and involve merchandise held for resale. Webster Company uses the perpetual inventory system. July 1 Purchased goods from Dawson, Inc., $2,700; terms 1/10, 1/30. 2 Purchased goods from Penn Company, $5,000; terms 2/10, n/30. 3 Paid freight on shipment from Dawson, $180. 5 Sold merchandise to Ward, Inc., $2,100 ($1,775 cost). 5 Paid freight on shipment to Ward, Inc. $140. (Hint: debit Delivery Expense). 8 Returned $800 worth of the goods purchased July 1 from Dawson, Inc., because some goods were damaged. Dawson approved the return. 9 Received returned goods from Ward, Inc., worth $300 ($230 cost). 10 Paid Dawson, Inc., the amount due. 10 Purchased goods from Dorn Company with a list price of $3,200. Terms 2/10, 1/30. 11 Paid freight on shipment from Dorn Company, $210. 15 Received the amount due from Ward, Inc. 15 Sold merchandise to Colby Corporation, $4,000 ($3,200 cost). 16 Mailed a check to Penn Company for the amount due on its July 2 invoice. 18 Received an allowance of $800 from Dorn Company for defective merchandise purchased on July 10. 19 Paid Dorn Company the amount due. 25 Received the amount due from Colby Corporation. Required Prepare the necessary journal entries for the Webster Company. GENERAL JOURNAL Date Description July 1 $ Debit Credit 0 $ 0 0 0 Purchases from Dawson, Inc., 1/10, n/30. 0 o HH Type here to search O c J' o 8:13 PM 2/23/2021 L Prepare the necessary journal entries for the Webster Company. GENERAL JOURNAL Date Description July 1 $ Debit Credit 0 $ 0 0 0 Purchases from Dawson, Inc., 1/10, n/30. 0 0 0 0 Purchases from Penn Company, 2/10, n/30. 3 0 0 0 0 Support Paid freight on Dawson shipment. 5 0 0 0 0 Sales to Ward, Inc. 5 0 0 0 0 Cost of goods sold to Ward, Inc. 5 0 0 0 0 Paid freight on shipment to Ward, Inc. 8 0 0 0 0 Returned goods to Dawson, Inc. 9 0 0 0 0 Issued credit memo to Ward, Inc., for goods returned. 9 0 0 0 0 Cost of goods returned by Ward, Inc. 10 0 0 0 0 0 0 https://mybusinesscourse.com/support?new_ticket=true Type here to search O ()) 8:13 PM 2/23/2021 i Cost of goods returned by Ward, Inc. 10 0 0 0 0 0 0 Cash Paid Dawson, Inc. the amount due. 10 0 oo 0 Purchases from Dorn Company, 2/10, n/30. 11 0 0 0 0 Paid freight on Dorn shipment. 15 Cash Support 0 0 0 0 0 0 Received amount due from Ward, Inc. 15 0 0 0 0 Sales to Colby Corporation. 15 0 0 0 0 Cost of goods sold to Colby Corporation. 16 0 0 0 0 Paid Penn Company the amount due. 16 0 0 0 0 Received credit memo for price adjustment from Dorn Company. 19 0 0 0 0 0 0 Cash Paid Dorn the amount due. 25 Cash 0 0 . 0 0 IH Type here to search o ] e J' O 3 8:14 PM 2/23/2021