Task Team of FUNdaMENTAL aCCOUNtIng School of Business, Sun Yat-sen University i. Paid transportation charges on an inbound shipment of merchandise from a supplier j. Paid delivery charges on a shipment of merchandise being sent to a customer k. The physical inventory taken at year-end disclosed a normal amount of inventory shrinkage L. Made an adjusting entry to record corporate Income taxes for the period. 3. Prepare journal entries to record the following perpetual system merchandising transactions of Benny Company. (Use a separate account for each receivable and payable, for example, record the purchase on August I in Accounts Payable--Mart Co) May I Purchased merchandise from Mart Company for $30,000 under credit terms of 1/10 n/45, FOB shipping point 2 Paid $360 for freight charges on the purchase of May 1 4 Sold merchandise to Cindy Corp. for $4, 560 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $2,040 6 Purchased merchandise from Judy Corporation for $7, 200 under credit terms of 2/15 n/30. Fob destination 7 Received a $1. 440 credit memorandum for the return of defective merchandise purchased on May 6 8 Sold merchandise that cost $600 for $1 080 cash 9 Paid the balance due to Mart Co. within the discount period 11 Sold merchandise that cost $1.200 to Carrol Co. for $.720 under credit terms 2/10 n/30. FOB shipping point 4 Received the balance due from Cindy Co for the May 4 sale within the discount period 15 Paid $300 shipping charges on the May 1 l sale to Carrol Co. and added the amount to 16 Issued a $240 credit memorandum to Carrol Co. for defective merchandise 21 Received Carrol Co's cash payment for the amount due from the may ll purchase 22 Paid Judy Co. the amount due from the May 6 purchase 4. Miller Companys adjusted trial balance on Dec 31, 2002, its fiscal year-end, follows Debit Credit Merchandise inventory 57000 Other assets 23.4000 Liabilities $78.000 Miller. C 107400 Miller withdrawals 21,000 457.500 Sales Sales returns and allowances 22.800 2Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University 2 i. Paid transportation charges on an inbound shipment of merchandise from a supplier j. Paid delivery charges on a shipment of merchandise being sent to a customer k. The physical inventory taken at year-end disclosed a normal amount of inventory shrinkage l. Made an adjusting entry to record corporate Income taxes for the period. 3. Prepare journal entries to record the following perpetual system merchandising transactions of Benny Company. (Use a separate account for each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Mart Co.) May 1 Purchased merchandise from Mart Company for $30,000 under credit terms of 1/10, n/45, FOB shipping point. 2 Paid $360 for freight charges on the purchase of May 1 4 Sold merchandise to Cindy Corp. for $4,560 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $2,040. 6 Purchased merchandise from Judy Corporation for $7,200 under credit terms of 2/15, n/30. FOB destination. 7 Received a $1,440 credit memorandum for the return of defective merchandise purchased on May 6. 8 Sold merchandise that cost $600 for $1,080 cash. 9 Paid the balance due to Mart Co. within the discount period. 11 Sold merchandise that cost $1,200 to Carrol Co. for $3,720 under credit terms 2/10, n/30. FOB shipping point. 14 Received the balance due from Cindy Co. for the May 4 sale within the discount period. 15 Paid $300 shipping charges on the May 11 sale to Carrol Co. and added the amount to their bill. 16 Issued a $240 credit memorandum to Carrol Co. for defective merchandise. 21 Received Carrol Co’s cash payment for the amount due from the May 11 purchase. 22 Paid Judy Co. the amount due from the May 6 purchase. 4. Miller Company’s adjusted trial balance on Dec 31, 2002, its fiscal year-end, follows: Debit Credit Merchandise inventory $57,000 Other assets 23,4000 Liabilities $78,000 Miller, Capital 107,400 Miller, Withdrawals 21,000 Sales 457,500 Sales discounts 6,150 Sales returns and allowances 22,800