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Prepare the following journal entries: 1. When pails are purchased (assume 2,000 pails are purchased...

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Accounting

Prepare the following journal entries:

1. When pails are purchased (assume 2,000 pails are purchased for cash).

2. When product is sold (assume 1,500 pails of fertilizer are sold for cash; assume the cost per pail of fertilizer is $8.76 (including the cost of the pail of $1.76); assume that 40% of pails are expected to be returned).

3. When containers are returned and cash donation is made to the Memphis Zoo (assume that 30% of pails are returned by year-end).

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