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question prepare journal entries to record the following merchandising transactions 4277465

Question

Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron) Aug 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/1, n/3, FOB destination, invoice dated August Aug. Sold serchandise to Baird Corp. for $5,280 under credit terms of 2/10, n/6e, Fos destination, invoice dated August 5. The nerchandise had cost $4.000. Au. 8 Purchased nerchandise from Waters Corporation for $5,400 under credit terms of 1/0, n/4, roe shipping point, invoice Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for $600. The merchandise was Aug. 12 After negotiations with Naters Corporation concerning problens with the purchases on August 8, Lowe's received a credit Aug. 14 At Aron's request, Lowe's paid $200 cash for freight charges on the August 1 purchase, reducing the anount owed to Aron. Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 1. restored to inventory memorandum from aters granting a price reduction of $400 off the $5,40e of goods purchased. Aug. 18 Paid the anount due Waters Corporation for the August 8 purchase less the price allowance from August 12. Aug. 19 Sold merchandise to Tux Co. for $4,899 under credit terms of n/1e, FoB shipping point, invoice dated August 19. The Aug. 22 Tux requested a price reduction on the August 19 sale because the nerchandise did not meet specifications. Lowe's sent Tux Aug. 29 Received Tux's cash payment for the emount due from the August 19 sale less the price allowance from August 22 merchandise had cost $2,400 a $see credit mesorandum toward the $4,800 invoice to resolve the issue. Aug: 30 Paid Aron Company the anount due from the August 1 purchase. Impact on Income General General Ledger Trial Balance Schedule of Schedue of Receivables PayablesStatement General Journal tab Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries

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