Reference no: EM132659057

Aslam & Co and Karachi Company completed following transactions during the month of June:

1. June. 2. Aslam Company sold merchandise on account to Karachi Company, $32,000, terms FOB shipping point, 2/10, n/30. Aslam Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.
2. 8. Aslam Company sold merchandise on account to Karachi Company, $49,500, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $29,700.
3. 8. Aslam Company paid freight of $710 for delivery of merchandise sold to Karachi Company on April 8.
4. 12. Karachi Company returned $7,500 of merchandise purchased on account on June 8 from Aslam Company. The cost of the merchandise returned was $4,800.
5. 12. Karachi Company paid Aslam Company for purchase of June 2, less discount.
6. 23. Karachi Company paid Aslam Company for purchase of June 8, less discount and less return of June 12.
7. 24. Aslam Company sold merchandise on account to Karachi Company, $67,350, terms FOB shipping point, n/eom. The cost of the merchandise sold was $40,400.
8. 26. Karachi Company paid freight of $875 on June 24 purchase from Aslam Company.
9. 30. Karachi Company paid Aslam Company on account for purchase of June 24.

Required

Problem 1: Journalize the June transactions for (1) Aslam Company and (2) Karachi Company.