Business, 22.02.2021 19:10 genyjoannerubiera

Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used. Aug.1Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
5Paid freight on shipment from Norris, Inc., $220.
7Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
7Paid $300 freight on August 7 shipment and billed Denton for the charges.
9Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
9Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
10Paid Norris, Inc., the amount due.
14Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
15Paid freight on shipment from Chambers, Inc., $320.
17Received the amount due from Denton Corporation.
18Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
20Paid $350 freight on August 18 shipment and billed Weber for the charges.
24Paid Chambers, Inc., the amount due.
28Received the amount due from Weber, Inc.
Required
Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.

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Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms f...

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