QUESTION 2 ( 20 POINTS) Journalize the following transactions that occurred in March 2014 for...
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QUESTION 2 ( 20 POINTS) Journalize the following transactions that occurred in March 2014 for ABC Company. Explanations are not needed. Identify each accounts payable and accounts receivable with the vendor or customer name March 2 Purchased merchandise inventory on account from Smithers Supplies, $9,000. Terms March 5 March 5 March 6 March 7 1/15,n/EOM, FOB shipping point. Paid freight bill of $ 200 on March 2 purchase. Purchased merchandise inventory for cash of $ 4,500. Returned $ 900 of inventory from March 2 purchase. Sold merchandise inventory to Hager Corp.,$ 9,500, on account. Terms 2/15,n/35 cost of goods, $ 4,400. March 9 Purchased merchandise inventory on account from Rose Wholesalers, $ 12,500. Terms 2/10,n/30, FOB destination. March 10 Made payment to Smithers Supplies for goods purchased on March 2, less return and discount. March 11 Received payment from Hager Corp, less discount
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