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august 5

ugust 18 Paid the amount due Waters Corporation for the August 8 purchase less the price August 19 Sold merchandise to Tux Company for $2,400 under dated August 19. The merchandise had cost $1,200. August 22 Tux requested a price reduction on the August 19 sale because the merchandise dy Tux requested a price reduction on the August 19 sate because the merchandise dick receivable for that amount. August 29 Received Tux's cash payment for the amount due from the August 19 sale less the August 22. August 30 Paid Aron Company the amount due from the August 1 purchase. Journal entry worksheet Sold merchandise to Baird Corp. for $2,800 under credit terms of 2/10,n/60, FOB destination, invoice dated August 5. Note: Enter debits before credits. Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $4,806 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $2,800 under credit terms of 2/10,n/60, F08 destination, invoice dated August 5 . The merchandise had cost $2,000. August 8 Purchased merchandise from Waters Corporation for $3,000 under credit terms of 1/10,n/45,F08 shipping point, invoice dated August 8. August 9 Paid $100 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $506 and was 50 ld for $1,060. August 12 The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems with the purchases an August 8, Lowe's received a price reduction from Waters of $300 off the $3,000 of goods purchased. Lowe's debited August 14 At Aron's request, $300. At Aron's request, Lone's paid $450 cash for freight charges on the August 1 purchase, reducing the August 15 Received balance duents payable) to Aron. August 15 Received batance due froa Baird Corporation for the August 5 sale less the return on August 10. August 19 . 12 . August 19 Sold merchandise to Tux Company for $2,400 under credit terss of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,200. August 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a price reduction (allowance) of $400 to Tux and credited Tux's accounts August 29 Received Tux's cash payment for the anount due from the August 19 sale less the price altowance trom August 22 . August 30. Paid Aron Company the amount due from the August 1 purchase

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