Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement. 3. M. Davidson, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. P5-31A Journalizing purchase and sale transactions L earning Objectives 1, 2, 3 Journalize the following transactions that occurred in September 2015 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sep. 10 Cash $4,455 Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000 Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $80 on September 3 purchase 4 4 Purchased merchandise inventory for cash of $1,700 6 Returned $500 of inventory from September 3 purchase 8 Sold merchandise inventory to Hermosa Company, $6,000, on account. Terms 2/15, n/35. Cost of goods, $2,640 9 Purchased merchandise inventory on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB destination. 10 Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hermosa Company, less discount. 12 13 After negotiations, received a $200 allowance from Thomas Wholesalers 15 Sold merchandise inventory to Jordan Company, $2,500, on account. Terms 1/10, n/EOM. Cost of goods, $1,050 22 Made payment, less allowance, to Thomas Wholesalers for goods purchased on tember 9