NUMBER 2

-) ARAN : ( : : 109) # 23 Pald for the merchandise practwo December 4 less the portion that was retumed Required: 70% Prepare the general journal entries to record the transactions 1. Instruction: Prepare a statement of comprehensive income for Palmer Pen Co. (Assume that other comprehensive some isso) Paxson Supply Company uses a we inwery swem. During September, the following transactions and events occurred. Sep 3 Purchased 0 backpacks a 530 coch from Barnes Company, Term 2/10,n30. 6 Received credit of $150 for the return of 5 backpacks purchased on Sept. 3 that were defective. 13 Paid Bames Company in toll. Instructions: 30% Journalin the September ansactions for Paxson Supply Company 2. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December Dec. Sold merchandise on credit for 55,000, terms 3/10,n/30. The items sold had a cost of $3,500. 4 Purchased merchandise on credit for $2,600, terms 1/20, 1/30. 5 Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned items had a cost of $210. 11 Received payment for merchandise sold December I. 15 Received a credit memorandum for the return of faulty merchandise purchased on December 4 for 5600 18 Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point)