2. Journalize the transactions for September. For each journal entry, show the
impact on the accounting equation. (Hint: you can just use lined paper as your
journal. At the top of each page, create the following columns: Date; Description;
Post Ref.; Debit; Credit; Accounting Equation - Assets = Liabilities +
Stockholders' Equity)
21. Sold merchandise on account to Brookings Co., terms n/eom, FOB shipping point, $120,000. Th
cost of the goods sold was $80,000.
21. For the convenience of Brookings Co., paid freight on sale of Sept 21, $3,200.
21. Received $42,900 cash from Whiz Co. on account.
22. Purchased merchandise on account from Lieberman Co., terms 1/10, n/30, FOB destination,
$96,000.
25. Returned merchandise purchased on Sept 22, receiving a credit memo from the seller for $5,500.
26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800
28. Paid sales salaries of $56,000 and office salaries of $29,000.
29. Purchased store supplies for cash, $2,400.
30. Sold merchandise on account to Gary Co., terms n/30, FOB shipping point, $79,750. The cost of
goods sold was $48,000.
31. Received cash from sale of Sept 21 plus freight.
31. Paid for purchase of Sept 22
