PLEASE ANSWER ASAP, WILL GIVE THUMBS UP!

QUESTION ONE

On May 11, 2020, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21. Required:

1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Disbursements Journal, and General Journal as appropriate assuming a perpetual inventory system. (Enter the transactions in the order provided in the question.)

WILSON PURCHASING

Purchases Journal

Date , Account Credited, Date of Invoice, Terms, Accounts Payable Cr., Merchandise Inventory Dr., Office Supplies Dr., Other Accounts Dr.

2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts Journal, and General Journal as appropriate assuming a perpetual inventory system. Also assume invoice #1601 for the May 11 sale. (Enter the transactions in the order provided in the question.)

WILSON PURCHASING

Cash Disbursements Journal

Date, Ch. No., Payee, Account Debited, Cash Cr., Merchandise Inventory Cr., Other Accounts Dr., Accounts Payable Dr.

PLUS JOURAL ENTRY WORK SHEET PLEASE: RECORD OF THE RETURN OF MERCHANDISE for may 12th

2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts Journal, and General Journal as appropriate assuming a perpetual inventory system. Also assume invoice #1601 for the May 11 sale. (Enter the transactions in the order provided in the question.)

HOSTEL SALES

Sales Journal

Date, Account Debited, Invoice Number, Accounts Receivable Dr.Sales Cr., Cost of Goods Sold Dr.Merchandise Inventory Cr.

HOSTEL SALES

Cash Receipts Journal

Date, Account Credited, Explanation, Cash Dr., Sales Discounts Dr., Accounts Receivable Cr., Sales Cr., Other Accounts Cr., Cost of Goods Sold Dr. Merchandise Inventory Cr.

journal entry worksheet: may 12th

1: Record the sales return.

2: Record the cost of merchandise returned to inventory.