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OBJ. 2 EX 6-8 Purchase-related transactions ournalize entries for the following related transactions of Manville Heating& Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $18,000 of the merchandise purchased in (a) was defective and re- turned items, receiving credit for $17,640 [$18,000-($18,000 2%). d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). EX 6-9 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost OBJ. 2 of the merchandise sold was $1,250,000. (Continued) EX 6-10 Sales-related transactions After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customa within the discount period, the seller consents to the return of the entire shipment fora cash refund. The cost of the merchandise returned was $16,800. (a) What is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller to record the return and the refund. OBi. 2 EX 6-11 Sales-related transactions The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction. OBJ. 2 Cash Sales 13,860 14,850 Accounts Receivable Cost of Merchandise Sold 990 13,860 14,850 (3) (2) 8,800 Merchandise Inventory 575 (2) Estimated Returns Inventory 8,800 575 Customer Refunds Payable 990 QBJ. 2

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