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Question 2 [35 points] Prepare journal entries for September 2014 to record the following transactions for XYZ Corporation. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/ mmm (ie. 15/Jan). a. September 8: XYZ Corporation sold merchandise to Stake Technology Inc. for $5,500 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $4,950. b. September 9: XYZ Corporation's merchandise was sold to Holden Corp. for $6.300 under credit terms of 2/10, n/90, FOB shipping point. The cost of the merchandise was $5,355. C. September 12: Stake Technology Inc requested a price reduction on the September 8 sale because the merchandise did not meet specifications. Sent Stake Technology Inc. a credit memorandum for $1,100 to resolve the issue d. September 14: Received Stake Technology Inc.'s payment of the amount due from the September 8 sale e. September 18: Received the balance due from Holden Corp for the sale dated September 9 f. September 20: XYZ Corporation's merchandise was sold to Oppong Corporation for $8 200 cash The merchandise cost $6,560 Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry General Joumal Account/Explanation Page GJS F Debit Credit Date + = +

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