help me journalize these transactions! 1) purchased merchandise from company A o

Question

help me journalize these transactions!

1) purchased merchandise from company A on account $10,000terms 2/10 n/30, F.O.B. shipping point

2) transportatin costs for merchandise purchased was $500. all transportation costs are paid in cash

3) sold merchandise to company B on account $7000 invoive no. 51 terms 2/10 n/30 FOB. shipping point

4) company B returned marchandise costing $1000 from invoice no 51; issued credit memo no 10 to wednesday company for $1000

5) purchased merchandise from company C on account $9000 terms 1/5 n/60 FOB destination

6) paid company A invoice dated march 2 check no 111

7) received payment from company B

Explanation / Answer

Purchase Dr 10000    To A 10000 Carriage Inward Dr 500 To Cash 500 B Dr 7000 To Sales 7000 Sales Return Dr 1000 To B 1000 Purchase Dr 9000 To C 9000 A Dr 10000 To Cash 10000 (assuming that payment made after 10 days but within 30 days) Cash Dr 6000 To B 6000 (assuming that payment made after 10 days but within 30 days)

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