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Juu yuui uucument. Rese BONUS QUESTION 2 (10 Points): On June 10, Meridith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meridith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meridith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Meredith Company (buyer). Prepare separate entries for each transaction for Leinert Company. The merchandise purchased by Meredith on June 10 had cost Leinert $5,000. Meridith Company Leinert Company BI U V 5. Office Supplies 6. Land 10. Sales 11. Cost of Goods Sold 12. Freight-out Entry Information - Accounts) Amounts Debited Credited Debited Credited 1 10 0. Aug. 1 Sold merchandise for cash $300. $300 $300 The cost of the merchandise sold was $200. 11 4 200 200 1. Aug. 2 Purchased merchandise from ABC Co. on account for $5,000; terms 2/10, n/30. 2. Aug. 4 Sold excess land for $7,000 accepting a 2-year, 12% note. The land was purchased for $7,000 last year. 3. Aug. 6 Sold merchandise to D. Riley on account for $830, terms 2/10, n/30. The merchandise sold cost $600. 4. Aug. 8 Accepted a sales return of defective merchandise from D. Riley-credit n/30. The merchandise sold cost $600. 4. Aug. 8 Accepted a sales return of defective merchandise from D. Riley-credit granted was $280. The returned merchandise cost $200. 5. Aug. 11 Purchased merchandise from Tanner Hardware on account for $2,000; terms 1/10, n/30. 6. Aug. 12 Paid freight of $200 on the shipment from ABC Co. per the shipping terms. 7. Aug. 15 Received payment in full from D. Riley 8. Aug. 19 Paid ABC Co. in full. 9. Aug. 20 Paid Tanner Hardware in full. 10. Aug. 27 Purchased office supplies for $250 cash. PART III CLOSING ENTRIES (10 points) Below is a partial listing of accounts in the general ledger of De Instructions: Place an X in the appropriate column to designate

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