Lumen OHM Assessment

Big Box Hardware Company engaged in the following transactions in July.

July 1 Sold merchandise on account for $272,900; terms 2/10, n/30, FOB shipping point, freight collect.
July 5 $43,300 of the good sold on account on July 1 were returned for a full credit. Payment of the goods had not yet been received.
July 6 Purchased merchandise on account in the amount of $110,400; credit terms are 2/10, N/30.
July 9 A sales allowance was granted for merchandise sold July 1 for $5,630 which was damaged in shipment.
July 10 Returned merchandise from July 6 purchase totaling $35,000.
July 11 Payment was received for the net amount due from the sale of July 1.
July 12 Paid amount owed from July 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
July 1	A/R	272,900.00
July 1	Sales Revenue		272,900.00

July 5	Sales Returns & Allowances	43,300.00
July 5	A/R		43,300.00

July 6	Purchases	110,400.00
July 6	A/P		110,400.00

July 9	Sales Returns & Allowances	5,630.00
July 9	A/R		5,630.00

July 10	A/P	35,000.00
July 10	Purchases Returns & Allowances		35,000.00

July 11	Cash	219,490.60
July 11	Sales Discounts	4,479.40
July 11	A/R		223,970.00

July 12	A/P	75,400.00
July 12	Purchases Discounts		1,508.00
July 12	Cash		73,892.00