Try another version of this question Journalize the following transactions for Acme Corporation: January 1 Acme Corporation sold $122,900 of merchandise on account to W.E. Coyote Co. with credit terms of 2/10, n/30, FOB Shipping Point. Cost of merchandise sold was $72,500. January 4 Acme Corporation paid $250 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. January 5 W.E. Coyote Co. returns $19,800 of damaged merchandise. The cost of merchandise returned was $12,800. January 13 W.E. Coyote Co. paid the amount owed, less return and discount. Date Description Debit Credit January 1 January 1 January 1 January 1 January 4 January 4 January 5 January 5 January 5 January 5 January 13 January 13 January 13 Date Description Debit Credit January 1 A/R-Coyote Co. 122,900 January 1 Sales Revenue 122,900 January 1 COGS 72,500 January 1 Merchandise Inventory 72,500 January 4 A/R-Coyote Co. 250 January 4 Cash 250 January 5 Sales Return & Allowance 19,800 January 5 A/R-Coyote Co. 19,800 January 5 Merchandise Inventory 12,800 January 5 COGS 12,800 January 13 Cash 101,288 January 13 Sales Discount 2,062 January 13 A/R-Coyote Co. 103,350