Journalize the following transactions that occurred in March 2015 for
Journalize the following transactions that occurred in March 2015 for Durham Company. Assume Durham uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
Mar. 3 Purchased merchandise inventory on account from Stout Wholesalers, $ 2,000. Terms 1/15, n/EOM, FOB shipping point.
4 Paid freight bill of $ 50 on March 3 purchase.
4 Purchased merchandise inventory for cash of $ 1,020.
6 Returned $ 300 of inventory from March 3 purchase.
8 Sold merchandise inventory to Herman Company, $ 3,600, on account. Terms 2/15, n/35.
9 Purchased merchandise inventory on account from Tapia Wholesalers, $ 4,800. Terms 2/10, n/30, FOB destination.
10 Made payment to Stout Wholesalers for goods purchased on March 3, less return and discount.
12 Received payment from Herman Company, less discount.
13 After negotiations, received a $ 120 allowance from Tapia Wholesalers.
15 Sold merchandise inventory to Jarvis Company, $ 1,500, on account. Terms 1/10, n EOM.
22 Made payment, less allowance, to Tapia Wholesalers for goods purchased on March 9.
23 Jarvis Company returned $ 240 of the merchandise sold on March 15.
25 Sold merchandise inventory to Stark for $ 660 on account. Terms of 2/10, n/30 were offered, FOB shipping point.
26 After negotiations, granted a $ 60 allowance to Stark for merchandise sold on March 25.
29 Received payment from Stark, less allowance and discount.
30 Received payment from Jarvis Company, less return.

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