Lumen OHM Assessment

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

January 1 Sold merchandise on account for $260,700; terms 2/10, n/30, FOB shipping point, freight collect.
January 5 $42,900 of the good sold on account on January 1 were returned for a full credit. Payment of the goods had not yet been received.
January 6 Purchased merchandise on account in the amount of $117,600; credit terms are 2/10, N/30.
January 9 A sales allowance was granted for merchandise sold January 1 for $5,520 which was damaged in shipment.
January 10 Returned merchandise from January 6 purchase totaling $36,000.
January 11 Payment was received for the net amount due from the sale of January 1.
January 12 Paid amount owed from January 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
January 1	A/R	260,700.00
January 1	Sales Revenue		260,700.00

January 5	Sales Returns & Allowances	42,900.00
January 5	A/R		42,900.00

January 6	Purchases	117,600.00
January 6	A/P		117,600.00

January 9	Sales Returns & Allowances	5,520.00
January 9	A/R		5,520.00

January 10	A/P	36,000.00
January 10	Purchases Returns & Allowances		36,000.00

January 11	Cash	208,034.40
January 11	Sales Discounts	4,245.60
January 11	A/R		212,280.00

January 12	A/P	81,600.00
January 12	Purchases Discounts		1,632.00
January 12	Cash		79,968.00