Lumen OHM Assessment

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

February 1 Sold merchandise on account for $262,100; terms 2/10, n/30, FOB shipping point, freight collect.
February 5 $43,000 of the good sold on account on February 1 were returned for a full credit. Payment of the goods had not yet been received.
February 6 Purchased merchandise on account in the amount of $124,500; credit terms are 2/10, N/30.
February 9 A sales allowance was granted for merchandise sold February 1 for $5,720 which was damaged in shipment.
February 10 Returned merchandise from February 6 purchase totaling $39,500.
February 11 Payment was received for the net amount due from the sale of February 1.
February 12 Paid amount owed from February 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
February 1	A/R	262,100.00
February 1	Sales Revenue		262,100.00

February 5	Sales Returns & Allowances	43,000.00
February 5	A/R		43,000.00

February 6	Purchases	124,500.00
February 6	A/P		124,500.00

February 9	Sales Returns & Allowances	5,720.00
February 9	A/R		5,720.00

February 10	A/P	39,500.00
February 10	Purchases Returns & Allowances		39,500.00

February 11	Cash	209,112.40
February 11	Sales Discounts	4,267.60
February 11	A/R		213,380.00

February 12	A/P	85,000.00
February 12	Purchases Discounts		1,700.00
February 12	Cash		83,300.00