financeThe following were selected from among the transactions completed by Sandusky Company during December of the current year:\
Dec. $\hspace{5pt}3$. Purchased merchandise on account from Hillsboro Co., list price $\$38,000$, trade discount $25\%$, terms FOB shipping point, $2/10$, $\text{n}/30$, with prepaid freight of $\$900$ added to the invoice.\
$\hspace{22pt}5$. Purchased merchandise on account from Deepwater Co., $\$18,750$, terms FOB destination, $2/10$, $\text{n}/30$.\
Dec. $\hspace{5pt}6$. Sold merchandise on account to Zion Co., list price $\$27,000$, trade discount $35\%$, terms $2/10$, $\text{n}/30$. The cost of the merchandise sold was $\$14,000$.\
$\hspace{22pt}7$. Returned $\$3,000$ of merchandise purchased on December $5$ from Deepwater Co.\
$\hspace{17pt}13$. Paid Hillsboro Co. on account for purchase of December $3$, less discount.\
$\hspace{17pt}15$. Paid Deepwater Co. on account for purchase of December $5$, less return of December $7$ and discount.\
$\hspace{17pt}16$. Received cash on account from sale of December $6$ to Zion Co., less discount.\
$\hspace{17pt}19.$ Sold merchandise on MasterCard, $\$58,000$. The cost of the merchandise sold was $\$34,800$.\
$\hspace{17pt}22$. Sold merchandise on account to Smith River Co., $\$15,400$, terms $2/10$, $\text{n}/30$. The cost of the merchandise sold was $\$9,000$.\
$\hspace{17pt}23$. Sold merchandise for cash, $\$33,600$. The cost of the merchandise sold was $\$20,000$.\
$\hspace{17pt}28$. Received merchandise returned by Smith River Co. from sale on December $22$, $\$2,400$. The cost of the returned merchandise was $\$1,400$.\
$\hspace{17pt}31$. Paid MasterCard service fee of $\$1,750$.
$\textsf{\textcolor{#4257b2}{Instructions}}$\
Journalize the transactions. 13th Edition•ISBN: 9780135225691 (1 more)Michael R Solomon449 solutions
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