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The following transactions were completed during the month of May between Bailing Inc and Family...

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Accounting

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The following transactions were completed during the month of May between Bailing Inc and Family Company. Journalize these transactions FIRST for Bailing Inc and then journalize them again a SECOND time for Family Company on the following journal pages - both companies use the perpetual inventory method May 04 Bailing Inc sold merchandise on account to Family Company, $35,000, terms FOB Shipping Point, n/com. The cost of the goods for Bailing Inc was $8,800 May 09 The correct company paid freight of $210 on May 04 purchase May 12 Bailing Inc sold merchandise on account to Family Company, $101,000, terms FOB Shipping Point, 2/10, 1/30. Bailing Inc paid the freight of $645, which was added to the invoice. The cost of the goods for Bailing Inc was $59,000 May 22 Family Company, paid Bailing Inc on account for the purchase of May 12 May 31 Family Company, paid Bailing Inc on account for the purchase of May 04 DATE REF DEBIT ACCOUNT TITLES Bailing Inc Books CREDIT

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