Brief Exercise $(5)$:

On March $17,$ OMEGA company sold $\backslash (\backslash$$ $800\backslash )$ of inventory on credit, FOB shipping point. On the same day, the purchaser pays $\backslash (\backslash$$ $100\backslash )$ of shipping charges to the shipping company. The credit terms offered by the seller are $2/10,$ n$/30.$ On March $22,$ the customer was granted $\backslash (\backslash$$ $50\backslash )$ allowance on merchandise he wasn't satisfied with. On March $25,$ the customer paid the net invoice amount.

Additional Information:

Cost of Goods Sold $($GOCS$)\backslash (=80\backslash \%\backslash )$ of selling price.

Required: Prepare journal entries to record these transactions.

Brief Exercise $(6)$:

On August $11,$ Denzel company sold $\backslash (\backslash$$ $800\backslash )$ of inventory on account, FOB Destination. On the same day, the seller pays $\backslash (\backslash$$ $100\backslash )$ of shipping charges to the shipping company. The credit terms offered by the seller are $\backslash (1/10,$ n $/30\backslash ).$

On August $14,$ the customer returned $\backslash (\backslash$$ $100\backslash )$ of defective merchandise. On August $22,$ the customer paid the net invoice amount.

Additional Information:

$-$ Cost of Goods Sold $($GOCS$)\backslash (=\backslash$mathbf$\{80\backslash \%\}\backslash )$ of selling price.

$-$ Defective goods had a scrap value $($fair value$)\backslash (=\backslash$$ $30\backslash )$

Required: Prepare journal entries to record these transactions.