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Journalize transactions using journal buyer and seller

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1/1/20 Yes Inc. sold merchandise on account to a new company Tim Co., $8,500 terms FOB shipping point, 2/10 n/45. The cost of the merchandise sold was $5,500.

1/2/20 Tim Co. paid CASH transportation charges $500 on the January 1 purchase from Yes Co.

1/8/20 Yes Co. issues Tim Co. a credit memorandum for merchandise returned $4250. The cost of the merchandise returned was $2750

1/9/20 Yes Co. received payment from Tim Co. for purchase of January 1st

Problem 1) Journalize transactions using Journal BUYER and SELLER and also corresponding T- Accounts

Reference no: EM133009495

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