The following transactions occurred between Leather Furnishings and M and P Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize these transactions on the books of Leather Furnishings, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Leather Furnishings purchased $5,800 of merchandise from M and P Furniture Warehouse on account. Terms, 2/15, n/30, FOB shipping point. The goods cost M and P Furniture Warehouse $3,000. Journal Entry Date Accounts Jul 4 Debit Credit Jul 7: Leather Furnishings paid a $250 freight bill for delivery of the goods purchased on July 4. Journal Entry Accounts Debit Credit Date Jul More Info Jul 4 Leather Furnishings purchased $5,800 of merchandise from M and P Furniture Warehouse on account. Terms, 2/15, n/30, FOB shipping point. The goods cost M and P Furniture Warehouse $3,000. 7 Leather Furnishings paid a $250 freight bill for delivery of the goods purchased on July 4. 10 Leather Furnishings returned $1,800 of the merchandise purchased on July 4. The goods cost M and P Fumiture Warehouse $550. 18 Leather Furnishings paid $1,500 of the July 4 invoice less the discount. 31 Leather Furnishings paid the remaining amount owed on the July 4 invoice. Jul 10: Leather Fumishings returned $1,800 of the merchandise purchased on July 4. The goods cost M and P Furniture Warehouse $550. Journal Entry Date Accounts Jul 10 or enter any number in the innu Debit Credit Print Done The following transactions occurred between Leather Furnishings and M and P Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Jul 10: Leather Furnishings returned $1,800 of the merchandise purchased on July 4. The goods cost M and P Furniture Warehouse $550. Journal Entry Date Accounts 10 Debit Credit Jul 18: Leather Furnishings paid $1,500 of the July 4 invoice less the discount. Date Jul 18 Journal Entry Accounts Debit Credit Jul 31: Leather Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Jul Date 31 Accounts Debit Credit The following transactions occurred between Leather Furnishings and M and P Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Jul 31: Leather Furnishings paid the remaining amount owed on the July 4 invoice. Date Jul 31 Journal Entry Accounts Debit Credit Rectangular Snip Requirement 2. Journalize these transactions on the books of M and P Furniture Warehouse, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Leather Furnishings purchased $5,800 of merchandise from M and P Furniture Warehouse on account. Terms, 2/15, n/30. FOB shipping point. The goods cost M and P Furniture Warehouse $3,000. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Date Accounts Jul 4 Debit Credit Now journalize the cost of goods sold related to the sale of merchandise on July 4. Journal Entry Date Accounts Debit Credit The following transactions occurred between Leather Furnishings and M and P Furniture Warehouse during July of the current year: 1 (Click the icon to view the transactions.) Read the requirements. Now journalize the cost of goods sold related to the sale of merchandise on July 4. Date Jul 4 Journal Entry Accounts Debit Credit Jul 10: Leather Furnishings returned $1,800 of the merchandise purchased on July 4. The goods cost M and P Furniture Warehouse $550. Start by recording the receivable portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will do this in the next journal entry.) Date Jul 10 Journal Entry Accounts Now journalize the inventory portion of the merchandise return. Journal Entry Date Accounts Jul 10 Debit Credit Debit Credit The following transactions occurred between Leather Furnishings and M and P Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Now journalize the inventory portion of the merchandise return. Journal Entry Date Accounts Jul 10 Debit Credit Jul 18: Leather Furnishings paid $1,500 of the July 4 invoice less the discount. Date Jul 18 Journal Entry Accounts Debit Credit Jul 31: Leather Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Jul hun Date 31 Accounts Debit Credit