Question Three: (5 marks)

Subject:AccountingPrice: Bought3

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Question Three: (5 marks). Journalize the following transaction for Qaiwan Group during the month of March 2018. March 1", Purchased merchandise inventory from Sarsir Corporation list price $188,500, trade discount 15%, FOB shipping point fright cost $600. Term of credit 2/15, n/45. March 2", Sold merchandise Inventory to Carfour Supermarket list price $115,800 Trade discount 20%, sales tax 15%. FOB destination, Paid fright cost $400. Cost of merchandise sold $60,300. Term of credit 1/15, n/30. March 6“, Carfour Supermarket return part of merchandise purchased on 2nd of March list price $30,500 trade discount 20%. Cost of merchandise sold, return $11,000. March 9“, Received full Payment from Carfour Supermarket for sale made on March 2nd. March 11", Made full payment to Sarsir Corporation, for merchandise inventory purchased made on March 1".