Reference no: EM131900236

Question - Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

Bushard Company DATE TRANSACTIONS 2019

 Feb. 10 Purchased merchandise for $2,400 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.

Feb. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.

Feb. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.

Schmidt, Inc. DATE TRANSACTIONS 2019

Feb. 10 Sold merchandise for $2,400 on account to Bushard Company, Invoice 1980, terms 1/10, n/30.

Feb. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.

Feb. 19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.

Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc.

Journalize the transactions above in a general journal for Schmidt Inc. assuming that they use the periodic system.