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Question 4(20 marks). Instruction: Journalize the transactions for ABC firm. Ignore the description of...

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Accounting

Question 4(20 marks).
Instruction: Journalize the transactions for ABC firm. Ignore the description of the transactions.
(1) On June 3, the ABC firm sold $400,000 of goods to ZH Company on credit, terms 315,n30, FOB shipping points. The cost of the goods was $250,000.
(2) On June 6, the ZH firm was granted an allowance of $ 8,000 for goods purchased on June 3.
(3) On June 13, the ZH firm made the payment to ABC firm.
(4) On June 20, the ABC firm purchased goods from a supplier for $45,000 on account, terms 410,n30.
(5) On June 25, the ABC firm paid the balance to the supplier for goods purchased on June 20.
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