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

Date Accounts and Explanation Debit Credit Sep 3 Merchandise Inventory 5500 Accounts Payable Sharpne ...

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

Question:

Journalize the following transactions that occurred in September 2018 for Aquamarines.
No explanations are needed. Identify each and with the vendor or customer name. Aquamarines estimates sales returns at the end of each month.
Sep. 3 Purchased merchandise inventory on account from Sharpner Wholesalers,
$5,500. Terms 2/15, n/EOM, FOB shipping point.
4 Paid freight bill of $85 on September 3 purchase.
4 Purchased merchandise inventory for cash of $1,600.
6 Returned $1,300 of inventory from September 3 purchase.
8 Sold merchandise inventory to Herman Company, $5,700, on account.
Terms 2/15, n/35. Cost of goods, $2,565.
9 Purchased merchandise inventory on account from Tucker Wholesalers, $6,000. Terms 3/10, n/30, FOB destination.
10 Made payment to Sharpner Wholesalers for goods purchased on September 3, less return and discount.
12 Received payment from Herman Company, less discount.
13 After negotiations, received a $500 allowance from Tucker Wholesalers.
15 Sold merchandise inventory to Jerome Company, $2,800, on account.
Terms n/EOM. Cost of goods, $1,200.
22 Made payment, less allowance, to Tucker Wholesalers for goods purchased on September 9.
23 Jerome Company returned $200 of the merchandise sold on September 15. Cost of goods, $80.
25 Sold merchandise inventory to Small for $1,800 on account that cost $738.
Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Small, $40 of freight was added to the invoice for which cash was paid by Aquamarines.
29 Received payment from Small, less discount.
30 Received payment from Jerome 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...