What is the journalizing purchase and sale transactions. P5-42B

42B Journalizing purchase and sale transactions Mer Journalize the following transactions that occurred in January 2018 for Sylvia's Amuse. ments. No explanations are needed. Identify each accounts payable and accounts Lea of each month. receivable with the vendor or customer name. Sylvia estimates sales returns at the end Jan. 4 Purchased merchandise inventory on account from Vanderbilt Company, $7,000. Terms 1/10, n/EOM, FOB shipping point. 6 Paid freight bill of $100 on January 4 purchase. 8 Returned half the inventory purchased on January 4 from Vanderbilt Company. 10 Sold merchandise inventory for cash, $1,600. Cost of goods, $640. FOB destination. 11 Sold merchandise inventory to Graceland Corporation, $10,800, on account, terms of 1/10, n/EOM. Cost of goods, $5,400. FOB shipping point. 12 Paid freight bill of $60 on January 10 sale. 13 Sold merchandise inventory to Cabbell Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. FOB shipping point. 14 Paid the amount owed on account from January 4, less return and discount. 17 Received defective inventory as a sales return from the January 13 sale, $600. Cost of goods, $300. 18 Purchased inventory of $4,600 on account from Roberts Corporation. Payment terms were 3/10, n/30, FOB destination. 20 Received cash from Graceland Corporation, less discount. 26 Paid amount owed on account from January 18, less discount. 28 Received cash from Cabbell Company, less return. 29 Purchased inventory from Sandra Corporation for cash, $11,600, FOB shipping point. Freight in paid to shipping company, $240