Sanyo White Goods LLC is a dealer of a variety of white goods. It sells to various retailers throughout the country. During the month of March, 2019, the following transactions took place.

1. On 1 March, 2019, Sanyo White Goods LLC purchases $120,000 of merchandise from Samsung plc. A trade discount of $20,000 was available with a further 10% cash discount if payment were made within 10 days and shipping terms FOB Destination

2. On 1 March, 2019, Sanyo White Goods LLC purchases $20,000 of merchandise from Daewoo plc with a trade discount of 20% for Cash.

3. On 17 March, 2019, Sanyo White Goods LLC returns goods worth $15,000 to Samsung plc.

4. On 20 March, 2019, Sanyo White Goods LLC makes the final payment from Samsung plc for the transaction of 1 March 2019.

5. On 20 March, 2019, Samsung plc pays Freight Charges of $600.

Required:

a) Pass the necessary Journal Entries in the books of Sanyo White Goods LLC to record each of the above transactions. (6 Marks)

b) Pass the necessary Journal Entries in the books of Samsung plc to record each of the above transactions. (4 Marks)