1. You keep the accounting records for a small merchandising corporation which operates on a fiscal year that ends on December 31. Using the separate general journal form provided, journalize the selected business transactions given below. You may omit the explanations for your entries.
Dec. 2 Purchased $6,000 worth of merchandise on credit from Buy-Right Corp.. Their invoice #a210 includes sales terms of 1/10, n/30, FOB shipping point.
3 Paid Express Shipping Company $150 for the delivery of the merchandise you purchased from Buy-Right Corp. on Dec. 2.
4 Sold $10,000 worth of merchandise on credit to Best Supply Co. on Invoice #2256, terms 2/10, n/30, FOB shipping point. The merchandise cost $7,000.
5 You discovered that some of the merchandise you purchased from Buy-Right Corp. on Dec. 2 was defective and had to be sent back. You returned $1,000 worth of merchandise.
14 Received a check from Best Supply Co. for the merchandise you had sold to them on Dec. 4, less their applicable discount.