Please answer competely Q1: This information relates to Martinez Co.1. On Sep 3 purchased merchandise from D. Norlan Company for $30,000,terms 3/10, net/30, FOB shipping point.2. On Sep 6 paid freight costs of $1500 on merchandise purchased from D.Norlan Company.3. On Sep 8 returned some of Sep 3 merchandise, which cost $5,000 to D.Norlan Company.4. On Sep 13 paid the amount due to D. Norlan Company in full.Instructions:Prepare the journal entries to record these transactions on the books ofMartinez Co. using a periodic inventory System.2-4-Q2: Presented below are transactions related to Wheeler Company.1. On Sep 6, Wheeler Company sold $100,000 of merchandise toHashmi Co., terms 3/10, n/30, FOB Destination.2. On Sep 7, paid freight costs of $500 on merchandise sold for HashmiCompany.3. 2. On Sep 8, Hashmi Co. was granted an allowance of $30,000 formerchandise purchased on Sep 6.4. On Sep 16, Wheeler Company received the balance due from Hashmi

Name: Please answer competely Q1: This information relates to Martinez Co.1.
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please answer competely Q1: This information relates to Martinez Co.1. On Sep 3 purchased merchandise from D. Norlan Company for $30,000,terms 3/10, net/30, FOB shipping point.2. On Sep 6 paid freight costs of $1500 on merchandise purchased from D.No