Reference no: EM13585127
Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed.
Identify each accounts payable and accounts receivable with the vendor or customer name. Sep.
3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 1/15, n/EOM, FOB shipping point.
4 Paid freight bill of $80 on September 3 purchase.
5 Purchased merchandise inventory for cash of $1,700.
6 Returned $500 of inventory from September 3 purchase.
7 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640.
8 Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB destination.
9 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount.
10 Received payment from Hermosa Company, less discount.
11 After negotiations, received a $200 allowance from Thomas Wholesalers.
12 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, n/EOM. Cost of goods, $1,050.
13 Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9.
14 Jordan Company returned $400 of the merchandise sold on September 15. Cost of goods, $160.
15 Sold merchandise inventory to Smithsons for $1,100 on account that cost $400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by Aquamarines.
16 After negotiations, granted a $100 allowance to Smithsons for merchandise purchased on September 25.
17 Received payment from Smithsons, less allowance and discount.
18 Received payment from Jordan Company, less return.