Lumen OHM Assessment

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

October 1 Sold merchandise on account for $264,700; terms 2/10, n/30, FOB shipping point, freight collect.
October 5 $42,600 of the good sold on account on October 1 were returned for a full credit. Payment of the goods had not yet been received.
October 6 Purchased merchandise on account in the amount of $126,500; credit terms are 2/10, N/30.
October 9 A sales allowance was granted for merchandise sold October 1 for $5,710 which was damaged in shipment.
October 10 Returned merchandise from October 6 purchase totaling $36,200.
October 11 Payment was received for the net amount due from the sale of October 1.
October 12 Paid amount owed from October 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
October 1	A/R	264,700.00
October 1	Sales Revenue		264,700.00

October 5	Sales Returns & Allowances	42,600.00
October 5	A/R		42,600.00

October 6	Purchases	126,500.00
October 6	A/P		126,500.00

October 9	Sales Returns & Allowances	5,710.00
October 9	A/R		5,710.00

October 10	A/P	36,200.00
October 10	Purchases Returns & Allowances		36,200.00

October 11	Cash	212,062.20
October 11	Sales Discounts	4,327.80
October 11	A/R		216,390.00

October 12	A/P	90,300.00
October 12	Purchases Discounts		1,806.00
October 12	Cash		88,494.00