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

The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30.   3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice.   5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30.   6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5.   13 Paid Saxon Co. for invoice of July 3.   14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6.   19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom.   19 Paid freight of $410 on July 19 purchase from Southmont Co.   20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30.   30 Paid…

Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit

Sales-Related and Purchase-Related Transactions Using Periodic Inventory System The following were selected from among the transactions completed by Essex Company during July of the current year: July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on…

Journal Entries for Merchandise Transactions—Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: June 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30.   3 Paid $450 cash for freight on the June 1 purchase.   7 Returned merchandise costing $600 (part of the $9,000 purchase).   10 Paid for merchandise purchased on June 1.   13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30.   16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale).   22 Received payment from customer for merchandise sold on June 13.   Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Date Description Debit Credit June 1 AnswerAccounts PayableAccounts ReceivableCashCost of Goods…

Vishu