Question

Brown Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2016:
Brown Company
DATE TRANSACTIONS
2016
Feb. 10 Purchased merchandise for $3,000 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.
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.
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
2016
Feb.10 Sold merchandise for $3,000 on account to Brown Company, Invoice 1980, terms 1/10, n/30.
13 Issued Credit Memorandum 230 to Brown Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19 Received payment from Brown 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 Brown Company and Schmidt, Inc. Use 20 as the journal page for both companies.



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  • CreatedAugust 08, 2014
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