Prepare journal entries to record the following merchandising transactions of Sh

Question

Prepare journal entries to record the following merchandising transactions of Sheng company, which applies the perpetual inventory system. (hint: It will help to identify each receivable and payable; for example, record the purchase on august 1 in accounts payable-Arotek) Aug 1 purchased merchandise from arotek company for 7500 under credit terms of 1/10, n/30, FOB destination, invoice dated aug 1 Aug 4 at arotek request, Sheng paid $200 cash for freight charges on the aug 1 purchase, reducing the amount owed to Abilene Aug 5 sold merchandise to laird corp for 5200 under credit terms 2/10, n/60 FOB destination invoice dated aug 5. The merchandise had cost 4000 Aug 8 purchased merchandise from waters corporation for 5400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated aug 8. The invoice showed that at sheng

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