Question: #1 ch7 7.11.6 Alternate problems Alternate problem A a. Candle Carpet Company engaged in the following transactions in August 2010: Aug. 2 Sold merchandise on

#1 ch7

7.11.6 Alternate problems Alternate problem A a. Candle Carpet Company engaged in the following transactions in August 2010: Aug. 2 Sold merchandise on account for USD 300,000; terms 2/10, n/3o, FOB shipping point, freight collect. 18 Received payment for the sale of August 2. 20 A total of USD io,000 of the merchandise sold on August 2 was returned, and a full refund was made because it was the wrong merchandise. 28 An allowance of USD 26,000 was granted on the sale of August 2 because some merchandise was found to be damaged; USD 16,000 cash was returned to the customer. b. Lee Furniture Company engaged in the following transactions in August 2010: Aug. 4 Purchased merchandise on account at a cost of USD 140,000; terms 2/10, n/3o, FOB shipping point, freight collect. 6 Paid freight of USD 2,000 on the purchase of August 4. to Sold goods for USD 200,00o; terms 2/10, n/30. 12 Returned USD 24,000 of the merchandise purchased on August 4. 14 Paid the amount due on the purchase of August 4. Prepare journal entries for the transactions

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