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Sherman Stores Ltd. had the following transactions:
|
Oct. |
8 |
Purchased $2,800 of merchandize on account from Morris Wholesalers Corp. for terms 1/10, net 30 |
|
12 |
Received a credit memo from Morris Wholesalers Corp. for $800 of defective merchandize included in the October 8 purchase and subsequently returned to Morris. |
Additional Information: Morris Wholesalers Corp. uses the periodic inventory system.
Required:
- Prepare journal entries in the records of Sherman, assuming that it paid the amount due on
- October 8
- October 25.
- Prepare journal entries in the records of Morris Wholesalers Corp., assuming that it received payment on
- October 18
- October 25.
Omit general ledger account numbers and descriptions from the journal entries.
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