urchased merchandise from Thompson Company for $7,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Mitchell Co. for $1,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $900. Jul. 3 Paid $365 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $1,700 for $2,900 cash. Jul. 9 Purchased merchandise from Mannion Co. for $2,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Jul. 11 Returned $600 of merchandise purchased on July 9 from Mannion Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Mitchell Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Thompson Company within the discount period. Jul. 19 Sold merchandise that cost $1,700 to Sanchez Co. for $2,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $500 to Sanchez Co. for merchandise sold on July 19 and credited Sanchez’s accounts receivable for that amount. Jul. 24 Paid Mannion Co. the balance due, net of discount. Jul. 30 Received the balance due from Sanchez Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $4,900 to Mitchell Co. for $8,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. I just need to know the accout title, Debt, and Credit for each please

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Question

Jul.	1	Purchased merchandise from Thompson Company for $7,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
Jul.	2	Sold merchandise to Mitchell Co. for $1,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $900.
Jul.	3	Paid $365 cash for freight charges on the purchase of July 1.
Jul.	8	Sold merchandise that had cost $1,700 for $2,900 cash.
Jul.	9	Purchased merchandise from Mannion Co. for $2,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
Jul.	11	Returned $600 of merchandise purchased on July 9 from Mannion Co. and debited its account payable for that amount.
Jul.	12	Received the balance due from Mitchell Co. for the invoice dated July 2, net of the discount.
Jul.	16	Paid the balance due to Thompson Company within the discount period.
Jul.	19	Sold merchandise that cost $1,700 to Sanchez Co. for $2,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
Jul.	21	Gave a price reduction (allowance) of $500 to Sanchez Co. for merchandise sold on July 19 and credited Sanchez’s accounts receivable for that amount.
Jul.	24	Paid Mannion Co. the balance due, net of discount.
Jul.	30	Received the balance due from Sanchez Co. for the invoice dated July 19, net of discount.
Jul.	31	Sold merchandise that cost $4,900 to Mitchell Co. for $8,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.