Reference no: EM132478380
Question 1: Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use a separate account for each receivable and payable: (Round your answers to the 2 decimal places.)
October 1 Purchased merchandise from icon Company on credit, terms 1/10, n/30, $16,800. 2 Sold merchandise for rash, $2,600.
7 Purchased merchandise on credit from Billings Co., terms 1/10, n/38, $12,600, FOB the seller's factory.
7 Paid $550 cash for freight charges on the merchandise shipment of the previous transaction.
8 Purchased delivery equipment from Finley Supplies on credit, $34,000.
12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $6,600.
13 Received a $2,000 credit mono for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies nn credit from Staples, $720, n/30.
15 Sold merchandise on credit to Tom Willis, terms 1/10, 2/30, n/60, $5,150.
15 Paid for the merchandise purchased on October /.
16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and returned, $130.
19 Issued a $520 credit memo to the customer who purchased merchandise on October 15 and returned a portion for credit.
25 Received payment for the merchandise sold on October 15.
29 The customer of October 12 paid for the purchase of that date.
31 Paid for the merchandise purchased on October 1.