Learning Objectives $5\mathrm{.}2,5\mathrm{.}3$

P$5-42$B Journalizing purchase and sale transactions

Jan. $4$ Purchased merchandise inventory on account from Vanderbilt Company, $$7,000.$ Terms $\frac{1}{10},$ n$/$EOM$,$ FOB shipping point.

$6$ Paid freight bill of $$100$ on January $4$ purchase.

$8$ Returned half the inventory purchased on January $4$ from Vanderbilt Company.

$10$ Sold merchandise inventory for cash, $$1,600.$ Cost of goods, $$640.$ FOB destination.

$11$ Sold merchandise inventory to Graceland Corporation, $$10,800,$ on account, terms of $\frac{1}{10},\frac{n}{E}OM.$ Cost of goods, $$5,400.$ FOB shipping point.

$12$ Paid freight bill of $$60$ on January $10$ sale.

$13$ Sold merchandise inventory to Cabbell Company, $$9,400,$ on account, terms of $\frac{n}{45}.$ Cost of goods, $$5,225.$ FOB shipping oint.

$14$ Paid the amount owed on account from Janua $y,$ less return and discount.

$17$ Received defective inventory as a sales return from t January $13$ sale, $$600.$ Cost of goods, $$300.$

$18$ Purchased inventory of $$4,600$ on account from Roberts Cirporation. Payment terms were $\frac{3}{10},\frac{n}{30},$ FOB destination.

$20$ Received cash from Graceland Corporation, less discount.

$26$ Paid amount owed on account from January $18,$ less discou $7$ t$.$

$28$ Received cash from Cabbell Company, less return.

$29$ Purchased inventory from Sandra Corporation for cash, $$11,600,$ FOB shipping point. Freight in paid to shipping company, $$240.$

Journalize the following transactions that occurred in January $2018$ for Sylvia's Amusements. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sylvia estimates sales returns at the end of each month.