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U. UIUS Plum used unless stated stated otherwise > Problems Group A For all problems, assume the perpetual inventory system is used unless otherwise. Round
U. UIUS Plum used unless stated stated otherwise > Problems Group A For all problems, assume the perpetual inventory system is used unless otherwise. Round all numbers to the nearest whole dollar unless stated P5-34A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2018 for Am No explanations are needed. Identify each accounts payable and accounts with the vendor or customer name. Aquamarines estimates sales returns at the each month. 2018 for Aquamarines and accounts receivable Sep. 3 Purchased merchandise inventory on account from Sharpner Wholesale $5,500. Terms 2/15, n/EOM, FOB shipping point. 4 Paid freight bill of $85 on September 3 purchase. 4 Purchased merchandise inventory for cash of $1,600. 6 Returned $1,300 of inventory from September 3 purchase. 8 Sold merchandise inventory to Herman Company, $5,700, on account. Terms 2/15, n/35. Cost of goods, $2,565. 9 Purchased merchandise inventory on account from Tucker Wholesalers. $6,000. Terms 3/10, n/30, FOB destination. 10 Made payment to Sharpner Wholesalers for goods purchased on September 3, less return and discount. 12 Received payment from Herman Company, less discount. 13 After negotiations, received a $500 allowance from Tucker Wholesalers. 15 Sold merchandise inventory to Jerome Company, $2,800, on account. Terms n/EOM. Cost of goods, $1,200. 22 Made payment, less allowance, to Tucker Wholesalers for goods purchased on September 9. 23 Jerome Company returned $200 of the merchandise sold on Septe 15. Cost of goods, $80. 25 Sold merchandise inventory to Small for $1,800 on account the Terms of 3/10, n/30 was offered, FOB shipping point. As a cour Small, $40 of freight was added to the invoice for which cash Aquamarines. 29 Received payment from Small, less discount. 30 Received payment from Jerome Company, less return. ount that cost $738 As a courtesy to h cash was paid by
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