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E5-5 Presented below are transactions related to R. Humphrey Company 1. On December 3, R....

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E5-5 Presented below are transactions related to R. Humphrey Company 1. On December 3, R. Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost 8 of the merchandise sold was $350,000 2. On December 8, Frazier Co. was granted an allowance of $20,000 for merchandise pur- chased on December 3. 3. On December 13, R. Humphrey Company received the balance due from Frazier Co. Instructions (a) Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system. (b) Ass ume that R. Humphrey Company received the balance due from Frazier Co. on anuary 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. ES-6 Th e adjusted trial balance of Sang Company shows the following data pertaining toF sales at the end of its fiscal vear October 31, 2017: Sales Revenue $820,000, Freight-Out c 16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000

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