Journalize perpetluutu a varietypurpetual lnventory system. During September, theseentries.curzed.(LO 2, 3), AP3ochased caiculators from Dragoo Co. at a total cost of $1,650, terms n/30.PNSeight of $50 on calculators purchased from Dragoo Co.ured caiculators to Dragoo Co. for $66 credit because they did notat pecificationsSld calcula s costing $520 for $690 to Fryer Book Store, terms n/30.Crnted credit of$45 to Fryer Book Store for the return of one calculatorhai ws tst sheed. The calculator cost $34.Scldicul e onting $570 for $760 to Heasley Card Shop, terms n/30.1420InstructionsJournalize the Septembe: ansactions.E5-3 The following transactions are for Alonzo Company.1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms1/10, n/30. The cost of the merchandise sold was $330,000.2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandisepurchased on December 3.3. On December 13, Alonzo Company received the balance due from Arte Co.Journal(LO 3),Instructions(a) Prepare the journal entries to record these transactions on the books of Alonzo Com-pany. Alonzo uses a perpetual inventory system.e(b) Assume that Alonzo Company received the balance due from Arte Co. on January 2of the following year instead of December 13. Prepare the journal entry to record thereceipt of payment on January 2.baeTEOV rE5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGiverCompany, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods total-ing $600 are returned to McGiver for credit on June 12. On June 19, Pais Company paysMcGiver Company in full, less the purchase discount. Both companies use a perpetualbobrs

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Asked Feb 6, 2020
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Journalize perpet
luutu a variety
purpetual lnventory system. During September, these
entries.
curzed.
(LO 2, 3), AP
3ochased caiculators from Dragoo Co. at a total cost of $1,650, terms n/30.
PNSeight of $50 on calculators purchased from Dragoo Co.
ured caiculators to Dragoo Co. for $66 credit because they did not
at pecifications
Sld calcula s costing $520 for $690 to Fryer Book Store, terms n/30.
Crnted credit of$45 to Fryer Book Store for the return of one calculator
hai ws tst sheed. The calculator cost $34.
Scldicul e onting $570 for $760 to Heasley Card Shop, terms n/30.
14
20
Instructions
Journalize the Septembe: ansactions.
E5-3 The following transactions are for Alonzo Company.
1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms
1/10, n/30. The cost of the merchandise sold was $330,000.
2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise
purchased on December 3.
3. On December 13, Alonzo Company received the balance due from Arte Co.
Journal
(LO 3),
Instructions
(a) Prepare the journal entries to record these transactions on the books of Alonzo Com-
pany. Alonzo uses a perpetual inventory system.e
(b) Assume that Alonzo Company received the balance due from Arte Co. on January 2
of the following year instead of December 13. Prepare the journal entry to record the
receipt of payment on January 2.
bae
TEOV r
E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGiver
Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods total-
ing $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pays
McGiver Company in full, less the purchase discount. Both companies use a perpetual
bobrs
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Journalize perpet luutu a variety purpetual lnventory system. During September, these entries. curzed. (LO 2, 3), AP 3ochased caiculators from Dragoo Co. at a total cost of $1,650, terms n/30. PNSeight of $50 on calculators purchased from Dragoo Co. ured caiculators to Dragoo Co. for $66 credit because they did not at pecifications Sld calcula s costing $520 for $690 to Fryer Book Store, terms n/30. Crnted credit of$45 to Fryer Book Store for the return of one calculator hai ws tst sheed. The calculator cost $34. Scldicul e onting $570 for $760 to Heasley Card Shop, terms n/30. 14 20 Instructions Journalize the Septembe: ansactions. E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Journal (LO 3), Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system.e (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. bae TEOV r E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods total- ing $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pays McGiver Company in full, less the purchase discount. Both companies use a perpetual bobrs

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Step 1

(a)

Prepare journal entries.

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