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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting below given image is only example
Solve using the same format as the provided journal below. I will also post an example of this type of problem done previously.

Transcribed Image Text:Part 1
Accounting for Merchandise Inventory Purchases
Journalize 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.

Transcribed Image Text:Part 1- Journal
Date
Required:
Prepare the journal entries for the Schilling Corporation in the general journal provided.
Sep
1
3
6
11
15
1/
Accounts and Explanations
21
31
Purchased merchandise from Nixon Company, $30,000, terms FOB Shipping
Point, 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 Shipping
Point, 2/10, n/30.
Paid Nixon Company for the invoice of September 1.
Purchased $5,000 of merchandise from Martinez Company, terms FOB Shipping
Point, cash on delivery.
Paid the freight invoice of $100 related to the September 17 purchase.
Paid the amount due Rice Company.
Sep
Date
1
3
6
8
11
15
17
21
31
Debit
General Journal
Account
Merchandise Inventory
Accounts Payable
Merchandise Inventory
Accounts Payable
Merchandise Inventory
Cash
Accounts Payable
Merchandise Inventory
Merchandise Inventory
Accounts Payable
Accounts Payable
Merchandise Inventory
Cash
Merchandise Inventory
Cash
Merchandise Inventory
Cash
Accounts Payable
Cash
Debit
30,000
25,000
250
5,000
20,000
30,000
5,000
100
20,000
Page 1
Credit
Credit
30,000
25,000
250
5,000
20,000
300
29,700
5,000
100
20,000
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