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As soon as possible Question 3 (20 points) Prepare journal entries for February, 2014...

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As soon as possible

Question 3 (20 points) Prepare journal entries for February, 2014 to record the following transactions for ABC Inc. Assume a perpetual inventory system. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). a. February 1: ABC Inc. purchased merchandise from Weber Inc. for $7,800 under credit terms of 2/15, n/60, FOB destination. b. February 18: ABC Inc. purchased merchandise from Benson Inc. for $8,200 under credit terms of 2/15, n/60, FOB destination. c. February 19: Received a $2,900 credit memorandum acknowledging the return of merchandise purchased on February 1. d. February 23: ABC Inc. purchased equipment by paying $5,200. e. February 24: Paid the amount due to Weber Inc. for the February 1 purchase. f. February 25: Received a $700 credit memorandum acknowledging the return of merchandise purchased on February 18. g. February 28: Paid Benson Inc. the amount due from the February 18 purchase. Please use the 't' and '' buttons to change the number of accounts (if necessary) for each journal entry. General Journal Account/Explanation Page GJB Credit Date F Debit BE

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