Prepare General Journal entries to record the followingperpetual system merchandising transactions ofBunbury Company.Use a...Prepare...

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Accounting

Prepare General Journal entries to record the followingperpetual system merchandising transactions ofBunbury Company.Use a separate account for each receivable and payable; forexample, record the purchase on January 1 in AccountsPayable-Waterton Company.
Jan.  1    Purchased merchandise from Waterton Company for€18,000 under credit terms of 2/15, n/30, FOB shipping point. Theinvoice showed that Waterton paid €250 for shipping and added thatto the bill. Thus, the total invoice was for €18,250.
        5    Sold merchandise to Maryland Corp. for €3,500under credit terms of 1/10, n/45, FOB destination. The merchandisehad a cost €1,700.
        9    Purchased merchandise from Walker Corporationfor €8,500 under credit terms of 2/10, n/30, FOB destination.
         10 At Walker’srequest, paid €350 of shipping charges on the January 9 purchase,reducing the amount owed to Walker.
         11 Paid €210shipping charges related to the January 5 sale to MarylandCorp.
         12 Marylandreturned merchandise from the January 5 sale that had cost €300 andbeen sold for €500. The merchandise was restored to inventory.
         13 Afternegotiations with Walker Corporation concerning problems with themerchandise purchased on January9, received a credit memorandumfrom Walker granting a price reduction of €700.
         14 Receivedbalance due from Maryland Corp. for the January 5 sale.
         16 Purchasedoffice equipment from BlueCo, signing a 60-day note payable for€5,300.
         17 Paid the amountdue to Walker Corporation for the January9 purchase.
         18 Soldmerchandise to RoseCo for €12,500 under credit terms of 2/10, n/60,FOB shipping point. The merchandise had a cost €6,200.
         21 RoseCorequested a price reduction on the January 18 sale because some ofthe merchandise was damaged. Sent RoseCo a credit memorandum for€1,250 to resolve the issue.
         28 ReceivedRoseCo’s payment of the amount due from the January 18sale.
         30 Paid WatertonCompany the amount due from the January 1 purchase.

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Date General Journal Debit Credit Jan 1 Inventory 18250 Accounts payableWaterton Company 18250 To record inventory purchased on account Jan 5 Accounts receivableMaryland Corp 3500 Sales revenue 3500 To record sales on account Jan 5 Cost of goods sold 1700 Inventory 1700 To record cost of goods sold Jan 9 See Answer

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In: AccountingPrepare General Journal entries to record the followingperpetual system merchandising transactions ofBunbury Company.Use a...Prepare General Journal entries to record the followingperpetual system merchandising transactions ofBunbury Company.Use a separate account for each receivable and payable; forexample, record the purchase on January 1 in AccountsPayable-Waterton Company.Jan. 1 Purchased merchandise from Waterton Company for€18,000 under credit terms of 2/15, n/30, FOB shipping point. Theinvoice showed that Waterton paid €250 for shipping and added thatto the bill. Thus, the total invoice was for €18,250. 5 Sold merchandise to Maryland Corp. for €3,500under credit terms of 1/10, n/45, FOB destination. The merchandisehad a cost €1,700. 9 Purchased merchandise from Walker Corporationfor €8,500 under credit terms of 2/10, n/30, FOB destination. 10 At Walker’srequest, paid €350 of shipping charges on the January 9 purchase,reducing the amount owed to Walker. 11 Paid €210shipping charges related to the January 5 sale to MarylandCorp. 12 Marylandreturned merchandise from the January 5 sale that had cost €300 andbeen sold for €500. The merchandise was restored to inventory. 13 Afternegotiations with Walker Corporation concerning problems with themerchandise purchased on January9, received a credit memorandumfrom Walker granting a price reduction of €700. 14 Receivedbalance due from Maryland Corp. for the January 5 sale. 16 Purchasedoffice equipment from BlueCo, signing a 60-day note payable for€5,300. 17 Paid the amountdue to Walker Corporation for the January9 purchase. 18 Soldmerchandise to RoseCo for €12,500 under credit terms of 2/10, n/60,FOB shipping point. The merchandise had a cost €6,200. 21 RoseCorequested a price reduction on the January 18 sale because some ofthe merchandise was damaged. Sent RoseCo a credit memorandum for€1,250 to resolve the issue. 28 ReceivedRoseCo’s payment of the amount due from the January 18sale. 30 Paid WatertonCompany the amount due from the January 1 purchase.