Prepare journal entries to record the following merchandising transactions of Sheng Company.
| Aug.1 Don't use plagiarized sources. Get Your Custom Essay on homework journal help 490345 For $10/Page 0nly | Purchased merchandise from Arotek Company for $7,000 under credit terms of 1/10, n/30, invoice dated august1. |
| 8 | Purchased merchandise from waters corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that sheng’s request, waters paid the $140 shipping charges and added that amount to the bill. |
| 12 | 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 $700. |
| 30 | Paid Arotek Company the amount due from the August 1 purchase. |
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