|a)||01-Jan||Accounts Receivable-Stake Technologies Inc.||$ 3,600.00|
|To Sales||$ 3,600.00|
|(Being amount of Merchandise Sold)|
|01-Jan||Cost of goods sold||$ 2,880.00|
|To Merchandise Inventory||$ 2,880.00|
|(Being amount of cost of goods sold)|
|b)||01-Jan||Merchandise Inventory||$ 4,400.00|
|To Accounts Payable-ABC Inc.||$ 4,400.00|
|(Being amount of Merchandise Purchased from ABC Inc.)|
|c)||02-Jan||Freight Expenses||$ 500.00|
|To Cash||$ 500.00|
|(Being amount of Freight paid for 1 Jan sales to stake Technologies Inc.)|
|d)||03-Jan||Merchandise Inventory||$ 9,900.00|
|To Accounts Payable-Callaho Inc.||$ 9,900.00|
|(Being amount of goods purchased from Callaho Inc.)|
|e)||05-Jan||Accounts Receivable-Oppong Corporation||$ 4,900.00|
|To Sales||$ 4,900.00|
|(Being amount of sales to Oppong Corporation)|
|05-Jan||Cost of goods sold||$ 3,920.00|
|To Merchandise Inventory||$ 3,920.00|
|(Being amount of cost of goods sold)|
|f)||05-Jan||Sales return & allowances||$ 600.00|
|To Accounts Receivable-Stake Technologies Inc.||$ 600.00|
|(Being amount of issue of credit memorandum for allowance of goods sold)|
|g)||06-Jan||Accounts Payable-Callaho Inc.||$ 1,900.00|
|To Merchandise Inventory||$ 1,900.00|
|(Being amount of received of credit memorandum for reduction of price)|
|h)||07-Jan||Merchandise Inventory||$ 9,900.00|
|To Accounts Payable-Brantley Inc.||$ 9,900.00|
|(Being amount of Merchandise Purchased from Brantley Inc.)|
|i)||15-Jan||Accounts Payable-Brantley Inc.||$ 9,900.00|
|To Merchandise Inventory=($9900*2%)||$ 198.00|
|To Cash=($9900*98%)||$ 9,702.00|
|(Being amount paid after adjusting 2% discount)|
|Sales Discount=($3000*2%)||$ 60.00|
|To Accounts Receivable-Stake Technologies Inc.($3600-$600)||$ 3,000.00|
|(Being amount received within 15 days 2% discount allowed)|
|k)||02-Mar||Accounts Payable-Callaho Inc.($9900-$1900)||$ 8,000.00|
|To Cash||$ 8,000.00|
|(Being amount paid after discount period)|
|To Accounts Receivable-Oppong Corporation)||$ 4,900.00|
|(Being amount received after discount period )|
|FOB destination: Freight charges paid by seller.|
|FOB Shipping Point: Freight charges paid by buyer.|
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