Purchased merchandise from Parker Company for $9,300 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.Sold merchandise to Clark Corp. for $6,100 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5.The merchandise sold to Clark had cost $3,700.Purchased merchandise from Lee Corporation for $5,760 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8.Paid $325 cash for shipping charges related to the August 5 sale to Clark Corp.Clark returned merchandise from the August 5 sale that had sold for $200.The cost of the merchandise returned by Perez's was $100. The merchandise was restored to inventory.After negotiations with Lee Corporation concerning problems with the purchases on August 8, Perez's received a credit memorandum from Lee granting a price reduction of $700 off the $5,760 of goods purchased.At Parker's request, Perez's paid $600 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron.Received balance due from Clark Corp. for the August 5 sale less the return on August 10.Paid the amount due Lee Corporation for the August 8 purchase less the price allowance from August 12.Sold merchandise to Clinton Co. for $4,000 under credit terms of n/10, FOB shipping point, invoice dated August 19.The cost of the merchandise sold merchandise to Clinton was $2,000.Clinton requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Perez's sent Clinton a $400 credit memorandum toward the $4,000 invoice to resolve the issue.Received Clinton's cash payment for the amount due from the August 19 sale less the price allowance from August 22.Paid Parker Company the amount due from the August 1 purchase. Journal entry worksheet5 6 7 8123416.....Note: Enter debits before credits.DateAccount TitleDebitCreditRecord entryClear entryView general journal

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Purchased merchandise from Parker…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 14Q: A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which...

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Question

Purchased merchandise from Parker Company for $9,300 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.
Sold merchandise to Clark Corp. for $6,100 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5.
The merchandise sold to Clark had cost $3,700.
Purchased merchandise from Lee Corporation for $5,760 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8.
Paid $325 cash for shipping charges related to the August 5 sale to Clark Corp.
Clark returned merchandise from the August 5 sale that had sold for $200.
The cost of the merchandise returned by Perez's was $100. The merchandise was restored to inventory.
After negotiations with Lee Corporation concerning problems with the purchases on August 8, Perez's received a credit memorandum from Lee granting a price reduction of $700 off the $5,760 of goods purchased.
At Parker's request, Perez's paid $600 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron.
Received balance due from Clark Corp. for the August 5 sale less the return on August 10.
Paid the amount due Lee Corporation for the August 8 purchase less the price allowance from August 12.
Sold merchandise to Clinton Co. for $4,000 under credit terms of n/10, FOB shipping point, invoice dated August 19.
The cost of the merchandise sold merchandise to Clinton was $2,000.
Clinton requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Perez's sent Clinton a $400 credit memorandum toward the $4,000 invoice to resolve the issue.
Received Clinton's cash payment for the amount due from the August 19 sale less the price allowance from August 22.
Paid Parker Company the amount due from the August 1 purchase.

Journal entry worksheet
5 6 7 8
1
2
3
4
16
.....
Note: Enter debits before credits.
Date
Account Title
Debit
Credit
Record entry
Clear entry
View general journal

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