question dawkins company engaged in the follow transactions during october sold merc 4280491
Dawkins Company engaged in the follow transactions during October: Sold merchandise to Ed Dublin on credit, terms n/30, FOB shipping point, $1, 050 (cost $630). Purchased merchandise on Credit from Roland Company, terms 2/20, n/60, FOB shipping point $11, 900. Paid Custom Freight $145 for freight charges on merchandise received. Purchased merchandise on credit from LNP Company, terms n/30, FOB shipping point, $1, 800, including $100 freight costs paid by LNP Company. Accepted from Ed Dublin a return of merchandise, which was returned to inventory, $150 (cost $90) Returned for credit $300 of merchandise purchased on October 2. Sold merchandise for cash, $500 (cost, $300). Paid Roland Company for purchase of October 2 less return of October 14 and discount. Received full payment from Ed Dublin for his October 1 purchase, less return of October 11. Required: Record these transactions in journal form, assuming Dawkins Company uses the perpetual inventory system.