Accounting below given image is only exampleSolve using the same format as the provided journal below. I will also post an example of this type of problem done previously. Part 1Accounting for Merchandise Inventory PurchasesJournalize the following transactions of Martinez Company for April in the journal page provided:2022Apr 2Apr 5Apr 6Apr 7Apr 12Apr 28Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30.Purchased merchandise from Jansen Co. $30,000, terms FOB shipping point, 2/10, net 30.Jansen added $150 for the freight to the invoice to ship the product to Martinez.Paid the freight of $200 for the purchase of the merchandise from Kershaw Co.Returned $5,000 of merchandise to Jansen Co.Paid the amount due to Kershaw Co.Paid the amount due to Jansen Co. Part 1- JournalDateRequired:Prepare the journal entries for the Schilling Corporation in the general journal provided.Sep13611151/Accounts and Explanations2131Purchased merchandise from Nixon Company, $30,000, terms FOB ShippingPoint, 1/15, n/45.Purchased $25,000 of merchandise from Rice Company, terms FOB Destination, n/30.Paid the freight invoice of $250 related to the September 1 purchase.Returned $5,000 of September 3 purchase of merchandise back to Rice Company.Purchased merchandise from Burleson Company, $20,000, terms FOB ShippingPoint, 2/10, n/30.Paid Nixon Company for the invoice of September 1.Purchased $5,000 of merchandise from Martinez Company, terms FOB ShippingPoint, cash on delivery.Paid the freight invoice of $100 related to the September 17 purchase.Paid the amount due Rice Company.SepDate13681115172131DebitGeneral JournalAccountMerchandise InventoryAccounts PayableMerchandise InventoryAccounts PayableMerchandise InventoryCashAccounts PayableMerchandise InventoryMerchandise InventoryAccounts PayableAccounts PayableMerchandise InventoryCashMerchandise InventoryCashMerchandise InventoryCashAccounts PayableCashDebit30,00025,0002505,00020,00030,0005,00010020,000Page 1CreditCredit30,00025,0002505,00020,00030029,7005,00010020,000

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Description: Accounting below given image is only exampleSolve using the same format as the provided journal below. I will also post an example of this type of problem done previously. Part 1Accounting for Merchandise Inventory PurchasesJournalize the following t

When an event occurs in the business that can be measured and expressed in terms of money, it should…

Business

Accounting

Part 1 Accounting for Merchandise Inventory Purchases ournalize the following transactions of Martinez Company for April in the journal page provided: 2022 Apr 2 Apr 5 Apr 6 Apr 7 Apr 12 Apr 28 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30. Purchased merchandise from Jansen Co. $30,000, terms FOB shipping point, 2/10, net 30. Jansen added $150 for the freight to the invoice to ship the product to Martinez. Paid the freight of $200 for the purchase of the merchandise from Kershaw Co. Returned $5,000 of merchandise to Jansen Co. Paid the amount due to Kershaw Co. Paid the amount due to Jansen Co.

Part 1 Accounting for Merchandise Inventory Purchases ournalize the following transactions of Martinez Company for April in the journal page provided: 2022 Apr 2 Apr 5 Apr 6 Apr 7 Apr 12 Apr 28 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30. Purchased merchandise from Jansen Co. $30,000, terms FOB shipping point, 2/10, net 30. Jansen added $150 for the freight to the invoice to ship the product to Martinez. Paid the freight of $200 for the purchase of the merchandise from Kershaw Co. Returned $5,000 of merchandise to Jansen Co. Paid the amount due to Kershaw Co. Paid the amount due to Jansen Co.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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