18 X V fx DELIVERY EXPENSE B C E F G N O P Q S U V W Z AA AB AC AD AE AF Instructions: 1) Please journalize the 4 transactions below using Journal (see tabs below) BUYER and SELLER and also using corresponding T-accounts. 2) Please prepare the Financial Statements with partial information given in the problem. Solve for ? In the financial statements 1/1/20 Si Puedo Inc. sold merchandise on account to a new company Burton Co., $8,500, terms FOB shipping point, 2/10 n/45. The cost of the merchandise sold was $5,500 1/2/20 Burton Company paid CASH transportation charges of $500 on the January 1 purchase from Si Puedo Company. 1/8/20 Si Puedo Inc. issued Burton Company a credit memorandum for merchandise returned $4250. The cost of the merchandise returned was $2750 1/9/20 Si Puedo Inc. received payment from Burton Company for purchase of January 1st BUYER : B JOURNAL T - ACCOUNTS PAGE 1 CASH ACT RECEIVABLE BURTON COMPANY 1-Jan PURCHASES $8,500 Balance Sheet Statement ACCOUNTS PAYABLE $8,500 As of 1/9 2-Jan DELIVERY EXPENSE $500 Assets Liabilities CASH $500 MERCHANDISE INVENTORY 20 8,500 Merchandise Inventory 9,000 ACCOUNT PAYABLE 8-Jan ACCOUNTS PAYABLE $4,250 500 PURCHASE RETURN $4,250 9-Jan 9,000 TOTAL LIABILITIES ACCOUNTS PAYABLE $4,250 ACCOUNT PAYABLE PURCHASE DISCOUNT $85 Stockholder's Equity CASH $4,165 -1/9 Total Stockholder's Equity Total Assets Total Liabilities and Equity BUYER 1 SELLER + Ready 85%