i need help August 15 to august 30 please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system andthe gross method.August 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/18, n/38, FOB destination, invoicedated August 1.August 5Sold merchandise to Baird Corporation for $4,900 under credit terms of 2/10, n/68, FOB destination, invoicedated August 5. The merchandise had cost $3,000.August 8Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shippingpoint, invoice dated August 8,Paid $210 cash for shipping charges related to the August 5 sale to Baird Corporation.Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. Themerchandise was restored to inventory.August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe'sreceived a price reduction from Waters of $600 off the $6,000 of goods purchased. Lowe's debited accountspayable for $600.August 14 At Aron's request, Lowe's paid $370 cash for freight charges on the August 1 purchase, reducing the amountowed (accounts payable) to Aron..August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10.August 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.August 19 Sold merchandise to Tux Company for $4,200 under credit terms of n/10, FOB shipping point, invoice datedAugust 19. The merchandise had cost $2,100.August 22Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications.Lowe's gave a price reduction (allowance) of $700 to Tux and credited Tux's accounts receivable for thatamount.August 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from AugustAugust 9August 1022.August 30 Paid Aron Company the amount due from the August 1 purchase.

Name: i need help August 15 to august 30 please answer within the format b
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Description: i need help August 15 to august 30 please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Prep

Journal Entries Record All Business Transactions In Accounting Journal. It is First Step of…

Business

Accounting

Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 000 adar 1/19 /28. FOB destination. invoice

Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 000 adar 1/19 /28. FOB destination. invoice

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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