Journalize the following transactions that occurred in

January 2016 for #388

Journalize the following transactions that occurred in January 2016 for Mays Amusements. No
explanations are needed. Identify each accounts payable and accounts receivable with the
vendor or customer name.Jan. 4 Purchased merchandise inventory on account from Vanderbilt
Company, $5,000. Terms 1/10, n/EOM, FOB shipping point.6 Paid freight bill of $150 on
January 4 purchase.8 Returned half the inventory purchased on January 4 from Vanderbilt
Company.10 Sold merchandise inventory for cash, $1,100. Cost of goods, $440. FOB
destination.11 Sold merchandise inventory to Gilmore Corporation, $10,100, on account, terms
of 3/10, n/EOM. Cost of goods, $5,555. FOB shipping point.12 Paid freight bill of $30 on
January 10 sale.13 Sold merchandise inventory to Cadet Company, $8,800, on account, terms
of 3/15, n/45. Cost of goods, $4,400. FOB shipping point.14 Paid the amount owed on account
from January 4, less return and discount.16 After negotiations, granted a $800 allowance to
Gilmore Corporation on January 11 sale.17 Received defective inventory as a sales return from
the January 13 sale, $400. Cost of goods, $200.18 Purchased inventory of $4,600 on account
from Roberts Corporation. Payment terms were1/10, n/30, FOB destination.20 Received cash
from Gilmore Corporation, less allowance and discount.26 Paid amount owed on account from
January 18, less discount.28 Received cash from Cadet Company, less return and discount.29
Purchased inventory from Silk Corporation for cash, $ 12,000, FOB shipping point. Freight in
paid to shipping company, $240.?View Solution:
Journalize the following transactions that occurred in January 2016 for

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