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| Aug. | 1 | Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. | ||
| 5 | Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. | |||
| 8 | Purchased merchandise from Waters Corporation for $5,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. | |||
| 9 | Paid $120 cash for shipping charges related to the August 5 sale to Baird Corp. | |||
| 10 | Baird returned merchandise from the August 5 sale that had cost Lowe’s $500 and was sold for $1,000. The merchandise was restored to inventory. | |||
| 12 | After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe’s received a price reduction from Waters of $500 off the $5,000 of goods purchased. Lowe's debited accounts payable for $500. | |||
| 14 | At Aron’s request, Lowe’s paid $440 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron. | |||
| 15 | Received balance due from Baird Corp. for the August 5 sale less the return on August 10. | |||
| 18 | Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. | |||
| 19 | Sold merchandise to Tux Co. for $3,600 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,800. | |||
| 22 | Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe’s gave a price reduction (allowance) of $600 to Tux and credited Tux's accounts receivable for that amount. | |||
| 29 | Received Tux’s cash payment for the amount due from the August 19 sale less the price allowance from August 22. | |||
| 30 | Paid Aron Company the amount due from the August 1 purchase. |
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Accounting & Economics Assignment Help
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Accounting basics
29 Oct 2021
Due Date: 30 Oct 2021
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