360 chapter 5 Problems Group A For all problems, assume the perpetual inventory rystem is used unless stated otherwise. Round all numbers to the nearest wbole dollar unless stated otherwise. Learning Objectives 1, 2, 3 PS-31A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sep. 10 Cash $4,455 Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 1/15, VEOM, FOB shipping point 4 Paid freight bill of $80 on September 3 purchase Purchased merchandise inventory for cash of $1,700 6 Returned $500 of inventory from September 3 purchase 8 Sold merchandise inventory to Hermosa Company $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640 9 Purchased merchandise inventory on account from Thomas Wholesalers $8,000. Terms 2/10, n/30, FOB destination. 10 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount 12 Received payment from Hermosa Company, less discount 13 After negotiations, received a $200 allowance from Thomas Wholesalers Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, n/EOM. Cost of goods, $1,050 15 22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on September 9 23 Jordan Company returned $400 of the merchandise sold on September 15 Cost of goods, $160 Sold merchandise inventory to Smithsons for $1,100 on account that cost $400. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smithsons, $75 of freight was added to the invoice for which cash was paid by Aquamarines After negotiations, granted a $100 allowance to Smithsons for merchandise purchased on September 25 Received payment from Smithsons, less allowance and discount 25 26 29 Received payment from Jordan Company, less return 30