Business, 26.01.2021 19:10 andrespeerman

Journalize the following transactions related to merchandising operations that occurred in August while paying attention to the credit terms:
• Aug 1 - Purchased merchandise on account from ABC $2,500, FOB destination point, terms n/10,n/30. The party paying the freight
paid it in cash.
• Aug 3 - Received credit of $200 from ABC for merchandise with flaws that you returned.
• Aug 5 - Sold merchandise on account to customers $1,000, terms 1/10,n/30. Cost of the items sold $400.
Aug 9 - Paid ABC
• Aug 25 - Granted credit of $350 to customers for faulty merchandise costing $150 returned
• Aug 26 - Received payments on account from customers $500.

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