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What is the journalizing purchase and sale transactions. P5-41B oblems Group B all problems, assume the perpetual inventory system is used unless stated erwise. Round

What is the journalizing purchase and sale transactions. P5-41B

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oblems Group B all problems, assume the perpetual inventory system is used unless stated erwise. Round all numbers to the nearest whole dollar unless stated otherwise 41B Journalizing purchase and sale transactions Journalize the following transactions that occurred in February 2018 for Oceanic No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Oceanic estimates sales returns at the end of each month. Feb. 3 Purchased merchandise inventory on account from Silton Wholesalers, $5,200. Terms 2/15, n/EOM, FOB shipping point. 4 Paid freight bill of $70 on February 3 purchase. 4 Purchased merchandise inventory for cash of $1,500. 6 Returned $900 of inventory from February 3 purchase. 8 Sold merchandise inventory to Herenda Company, $5,600, on account. Terms 3/15, n/35. Cost of goods, $2,352. 9 Purchased merchandise inventory on account from Teddy Wholesalers, $7,000. Terms 1/10, n/30, FOB destination. 10 Made payment to Silton Wholesalers for goods purchased on February 3, less return and discount. 12 Received payment from Herenda Company, less discount. 13 After negotiations, received a $500 allowance from Teddy Wholesalers. 15 Sold merchandise inventory to Jordon Company, $3,400, on account. Terms n/EOM. Cost of goods, $1,496. 22 Made payment, less allowance, to Teddy Wholesalers for goods purchased on February 9. 23 Jordon Company returned $1,000 of the merchandise sold on February 15. Cost of goods, $440. 25 Sold merchandise inventory to Smith for $1,700 on account that cost $663. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy by Oceanic. to Smith, $70 of freight was added to the invoice for which cash was paid 27 Received payment from Smith, less discount. 28 Received payment from Jordon Company, less return

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