ACC112 Q1 please help

Question 1 Prepare the journal entry for the following transactions for Famous Company. Famous Company is a merchandising company that trades in electronic devices. Aug 1 Purchased 8,000 BD of merchandise inventory and immediately paid 8,000 BD cash. Paid 300BD cash for shipping the merchandise purchased on Aug 3. Aug 3 Aug 7 Sold 7,000 BD worth of merchandise inventory to Relief Company on credit. The agreed selling price was 12,000 BD. Credit terms are 4/10, n/30, FOB shipping point. Relief Company paid 200 BD for the transportation fees to the shipment company (NOT Famous Company). Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash..................120 Cr. Owner capital ......... 120 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI U S Paragraph Arial 10pt Ix Q .. !!! > |||