Alpha company used the periodic inventory system for purchase & sales of merchandise. discount terms for both purchase & sales are, fob destination, 2/10, n30 and the gross method is used. > alpha company sold on account $2,500 of merchandise to bravo company on may 2, 2016. selling price was $4,000. freight charges related to this transaction of $150 were paid by alpha company. > bravo company returned, to alpha company, $250 of this merchandise on may 3, 2016. merchandise was sold for $400 use this information to prepare alpha company's general journal entries (without explanation) for may 2 & may 3 entries.

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Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

Amap from a trade development commission or chamber of commerce can be more useful than google maps for identifying