The Schubert Company is a Swiss wholesaler of office supplies. Its unit of currency is the Swiss franc (CHF). Schubert uses a periodic inventory system.

Requirement 1. Prepare journal entries for the summarized transactions (omit explanations). (Record debits first, then credits. Explanations are not required.)

Aug 7: Schubert complained about some defects in the merchandise acquired on August 2. The supplier hand-delivered a credit memo granting an allowance of CHF 32,000.

(* I would really appreciate it if you could follow that exact format)

Aug 2 Purchased merchandise on account, CHF 350,000, terms 2/10, n/45. Aug 3 Paid cash for freight in, CHF 16,000. Aug 7 Schubert complained about some defects in the merchandise acquired on August 2. The supplier hand-delivered a credit memo granting an allowance of CHF 32,000. Aug 11 Cash disbursement to settle purchase of August 2