During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $2,200 from Green with terms 3/10, n/30. January 6 Purchased goods from Munoz for $1,900 with terms 3/10, n/30. January 14 Paid Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $850 from Reynolds with terms n/45. Required: Prepare journal entries to record the transactions, assuming Axe records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 5,000 barrels with a sales price of $40 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash.The cost for this sale is $20 per barrel. Jul. 3 Sold 1,500 barrels with a sales price of $32 per barrel to customer Paramount Apparel.Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul. 5 Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card.The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any discounts.…

At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November.   November   2   Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November   3   Pay cash for freight charges related to the November 2 purchase, $320. November   9   Return 16 defective units from the November 2 purchase and receive credit. November   11   Pay Toad Inc. in full. November   16   Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November   20   Receive full payment from customers related to the sale on November 16. November   21   Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November   24   Sell 70 units of inventory to…

In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640