Lumen OHM Assessment

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

July 1 Sold merchandise on account for $259,400; terms 2/10, n/30, FOB shipping point, freight collect.
July 5 $43,700 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 $112,800; credit terms are 2/10, N/30.
July 9 A sales allowance was granted for merchandise sold July 1 for $5,730 which was damaged in shipment.
July 10 Returned merchandise from July 6 purchase totaling $43,100.
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	259,400.00
July 1	Sales Revenue		259,400.00

July 5	Sales Returns & Allowances	43,700.00
July 5	A/R		43,700.00

July 6	Purchases	112,800.00
July 6	A/P		112,800.00

July 9	Sales Returns & Allowances	5,730.00
July 9	A/R		5,730.00

July 10	A/P	43,100.00
July 10	Purchases Returns & Allowances		43,100.00

July 11	Cash	205,770.60
July 11	Sales Discounts	4,199.40
July 11	A/R		209,970.00

July 12	A/P	69,700.00
July 12	Purchases Discounts		1,394.00
July 12	Cash		68,306.00