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

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

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.1APR: Purchase-related transactions using perpetual inventory system The following selected transactions...
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Solve using the same format as the provided journal below. I will also post an example of this type of problem done previously.

Part 1 Accounting for Merchandise Inventory Purchases Journalize the following transactions of Martinez Company for April in the journal page provided: 2022 Apr 2 Apr 5 Apr 6 Apr 7 Apr 12 Apr 28 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30. 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. Paid the freight of $200 for the purchase of the merchandise from Kershaw Co. Returned $5,000 of merchandise to Jansen Co. Paid the amount due to Kershaw Co. Paid the amount due to Jansen Co.
Transcribed Image Text:Part 1 Accounting for Merchandise Inventory Purchases Journalize the following transactions of Martinez Company for April in the journal page provided: 2022 Apr 2 Apr 5 Apr 6 Apr 7 Apr 12 Apr 28 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30. 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. Paid the freight of $200 for the purchase of the merchandise from Kershaw Co. Returned $5,000 of merchandise to Jansen Co. Paid the amount due to Kershaw Co. Paid the amount due to Jansen Co.
Part 1- Journal Date Required: Prepare the journal entries for the Schilling Corporation in the general journal provided. Sep 1 3 6 11 15 1/ Accounts and Explanations 21 31 Purchased merchandise from Nixon Company, $30,000, terms FOB Shipping Point, 1/15, n/45. Purchased $25,000 of merchandise from Rice Company, terms FOB Destination, n/30. Paid the freight invoice of $250 related to the September 1 purchase. Returned $5,000 of September 3 purchase of merchandise back to Rice Company. Purchased merchandise from Burleson Company, $20,000, terms FOB Shipping Point, 2/10, n/30. Paid Nixon Company for the invoice of September 1. Purchased $5,000 of merchandise from Martinez Company, terms FOB Shipping Point, cash on delivery. Paid the freight invoice of $100 related to the September 17 purchase. Paid the amount due Rice Company. Sep Date 1 3 6 8 11 15 17 21 31 Debit General Journal Account Merchandise Inventory Accounts Payable Merchandise Inventory Accounts Payable Merchandise Inventory Cash Accounts Payable Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Merchandise Inventory Cash Merchandise Inventory Cash Merchandise Inventory Cash Accounts Payable Cash Debit 30,000 25,000 250 5,000 20,000 30,000 5,000 100 20,000 Page 1 Credit Credit 30,000 25,000 250 5,000 20,000 300 29,700 5,000 100 20,000
Transcribed Image Text:Part 1- Journal Date Required: Prepare the journal entries for the Schilling Corporation in the general journal provided. Sep 1 3 6 11 15 1/ Accounts and Explanations 21 31 Purchased merchandise from Nixon Company, $30,000, terms FOB Shipping Point, 1/15, n/45. Purchased $25,000 of merchandise from Rice Company, terms FOB Destination, n/30. Paid the freight invoice of $250 related to the September 1 purchase. Returned $5,000 of September 3 purchase of merchandise back to Rice Company. Purchased merchandise from Burleson Company, $20,000, terms FOB Shipping Point, 2/10, n/30. Paid Nixon Company for the invoice of September 1. Purchased $5,000 of merchandise from Martinez Company, terms FOB Shipping Point, cash on delivery. Paid the freight invoice of $100 related to the September 17 purchase. Paid the amount due Rice Company. Sep Date 1 3 6 8 11 15 17 21 31 Debit General Journal Account Merchandise Inventory Accounts Payable Merchandise Inventory Accounts Payable Merchandise Inventory Cash Accounts Payable Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Merchandise Inventory Cash Merchandise Inventory Cash Merchandise Inventory Cash Accounts Payable Cash Debit 30,000 25,000 250 5,000 20,000 30,000 5,000 100 20,000 Page 1 Credit Credit 30,000 25,000 250 5,000 20,000 300 29,700 5,000 100 20,000
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