Sep. 3 4 4 6 8 9 10 12 13 15 Purchased merchandise inventory on account from Silton Wholesalers, $4,500. Terms 3/15, n/EOM, FOB shipping point. Paid freight bill of $55 on September 3 purchase. Purchase merchandise inventory for cash of $2,400. Returned $1,000 of inventory from September 3 purchase. Sold merchandise inventory to Hollingshead Company, $6,400, on account. Terms 2/15, n/35. Cost of goods, $3,072. Purchased merchandise inventory on account from Taylor Wholesalers, $6,500. Terms 2/10, n/30, FOB destination. Made payment to Silton Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hollingshead Company, less discount. After negotiations, received a $200 allowance from Taylor Wholesalers. Sold merchandise inventory to Jesper Company, $2,700, on account. Terms n/EOM. Cost of goods, $1,080. Made payment, less allowance, to Taylor Wholesalers for goods purchased on September 9. Jesper Company returned $600 of the merchandise sold on September 15. Cost of goods, $240. Sold merchandise inventory to Salter for $1,600 on account that cost $576. Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Salter, $60 of freight was added to the invoice for which cash was paid by Red Hawk. Received payment from Salter, less discount. Received payment from Jesper Company, less return. 23 29 30 Journalizing purchase and sale transactions 13 1 11 . ,1