Journalize the following transactions that occurred in February 2018 for Oceanic No explanations are needed Identify each accounts payable and accounts receivable with the vendor or customer name Oceanic estimates sales returns at the end of each month Feb 3 Purchased merchandise inventory on accou...

Date Accounts and Explanation Debit Credit Feb 3 Merchandise Inventory 5200 Accounts Payable Silton ...

Journalize the following transactions that occurred in February 2018 for Oceanic. No explanations are needed. Identify each

Question:

Journalize the following transactions that occurred in February 2018 for Oceanic. No explanations are needed. Identify each and with the vendor or customer name. Oceanic estimates sales returns at the end of each month.
Feb. 3 Purchased merchandise inventory on account from Silton Wholesalers,
$5,200. Terms 2/15, n/EOM, FOB shipping point.
4 Paid freight bill of $70 on February 3 purchase.
4 Purchased merchandise inventory for cash of $1,500.
6 Returned $900 of inventory from February 3 purchase.
8 Sold merchandise inventory to Herenda Company, $5,600, on account.
Terms 3/15, n/35. Cost of goods, $2,352.
9 Purchased merchandise inventory on account from Teddy Wholesalers, $7,000. Terms 1/10, n/30, FOB destination.
10 Made payment to Silton Wholesalers for goods purchased on February 3, less return and discount.
12 Received payment from Herenda Company, less discount.
13 After negotiations, received a $500 allowance from Teddy Wholesalers.
15 Sold merchandise inventory to Jordon Company, $3,400, on account.
Terms n/EOM. Cost of goods, $1,496.
22 Made payment, less allowance, to Teddy Wholesalers for goods purchased on February 9.
23 Jordon Company returned $1,000 of the merchandise sold on February 15. Cost of goods, $440.
25 Sold merchandise inventory to Smith for $1,700 on account that cost $663. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smith, $70 of freight was added to the invoice for which cash was paid by Oceanic.
27 Received payment from Smith, less discount.
28 Received payment from Jordon Company, less return.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...