net amount.) (Click the icon to view the transactions.) Sep. 29: Received payment from Smith, less discount. Sep. 8: Sold merchandise inventory to Herrick Company, $5,800, on account. Terms 3/15,n/35. Cost of goods, $2,494. Question Viewer sayment from Herrick Company, less discount. Sep. 13: After negotiations, received a $300 allowance from Teddy Wholesalers. Sep. 15: Sold merchandise inventory to Johnson Company, $2,800, on account. Terms n/EOM. Cost of goods, $1,288. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Sep. 4: Paid freight bill of $90 on September 3 purchase. Sep. 4: Purchase merchandise inventory for cash of $2,000. Sep. 6: Returned $500 of inventory from September 3 purchase. Sep. 30: Received payment from Johnson Company
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