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Purchased merchandise from Arotek Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.
Sold merchandise to Laird Corp. for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $2,999.
Purchased merchandise from Waters Corporation for $5,300 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng's request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.)
Paid $130 cash for shipping charges related to the August 5 sale to Laird Corp.
Laird returned merchandise from the August 5 sale that had cost Sheng $500 and been sold for $700. The merchandise was restored to inventory.
After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $800.
At Arotek's request, Sheng paid $430 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek.
Received balance due from Laird Corp. for the August 5 sale less the return on August 10.
Paid the amount due Waters Corporation for the August 8 purchase less the price reduction granted.
Sold merchandise to Tux Co. for $3,600 under credit terms of 1/10, n/30, FOB shipping point, invoice dated August 19. The merchandise had cost $2,498.
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $600 credit memorandum to resolve the issue.
Received Tux's cash payment for the amount due from the August 19 sale.
Paid Arotek Company the amount due from the August 1 purchase.
Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system. (Round your answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Journalize the foregoing transactions and post to the T-account and show how to report the short-term investment on the cablevision balance sheet at December 31.
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