Ly Quiz 1 ~ Lyryx Learning Inc - Google Chrome - X lifal.lyryx.com/quiz-servlets/QuizServlet?ccid=11209 Question 2 [35 points] Prepare journal entries for August 2014 to record the following transactions for Dylex Corporation. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). a. August 4: Dylex Corporation sold merchandise that cost $6,800 to Stake Technology Inc. for $8,500 under credit terms of 2/30, n/90, FOB shipping point. b. August 5: Dylex Corporation's merchandise was sold to Barton Corporation for $7,900 cash. The merchandise cost $6,320. c. August 6: Dylex Corporation's merchandise that cost $5,040 was sold to Callaho Inc. for $6,300 under credit terms of n/60, FOB shipping point. d. August 26: Received the balance due from Callaho Inc. for the sale dated August 6. e. August 29: Issued a $2,200 credit memorandum to Stake Technology Inc. for an allowance on goods sold on August 4. f. August 31: Received Stake Technology Inc.'s payment of the amount due from the August 4 sale. Please use the '+' and '- buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJ8 Date Account/Explanation F Debit Credit S + - + - OLIO HOBB ENG 07-23