Response to the following problem:
For all problems, assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.
Sep. 10 Cash $4,455
Journalizing purchase and sale transactions
Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
September 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 1/15, n/EOM, FOB shipping point.
September 4 Paid freight bill of $80 on September 3 purchase.
September 4 Purchased merchandise inventory for cash of $1,700.
September 6 Returned $500 of inventory from September 3 purchase.
September 8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640.
September 9 Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB destination.
September 10 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount.
September 12 Received payment from Hermosa Company, less discount.
September 13 After negotiations, received a $200 allowance from Thomas Wholesalers.
September15 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, n/EOM. Cost of goods, $1,050.
September22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9.
September 23 Jordan Company returned $400 of the merchandise sold on September 15. Cost of goods, $160.
September 25 Sold merchandise inventory to Smithsons for $1,100 on account that cost $400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by Aquamarines.
September 26 After negotiations, granted a $100 allowance to Smithsons for merchandise purchased on September 25.
September 29 Received payment from Smithsons, less allowance and discount.
September 30 Received payment from Jordan Company, less return.