Uptown Bed received a shipment of bed sheets on January 4, 2018. The value of the bed sheets was $15,000 and the sheets were shipped FOB shipping point. Freight charges came to $370. This company uses the perpetual inventory system.

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Required a) Prepare the journal entry to record the receipt of goods by Uptown Bed, assuming the payment will be made in February. b) The bed sheets delievered to Uptown Bed were the wrong material. After some negotiation, the manager agreed to keep the products with a 10% allownace. Prepare the journal entry on January 16, 2018 to record the purchase allowance. Assume that all bed sheets are still in inventory. Allowances are not granted on freight charges. c) Prepare the journal entry for Uptown Bed when the payment is made on February 42018. \begin{tabular}{|c|c|c|c|} \hline Date & Account Title and Explanation & Debit & Credit \\ \hline 2018 & & & \\ \hline Feb 4 & ^ & & \\ \hline & ^ & & \\ \hline & Payment for bed sheets & & \\ \hline \end{tabular}