tic Toc Clock Shop reported the following merchandising

| June 13, 2018

tic Toc Clock Shop reported the following merchandising-related transactions duringJune. Tic Tock Clock Shop records all purchases "gross" and credit terms are preciselyfollowed on both purchases and sales.Prepare journal entries to record each transaction.3-JunPurchased $4,000 of clocks on account from Swiss Time, F.O.B. destination,terms 1/10, n/30.5-JunSold a $1,500 clock to Janci Holgren on account, terms 2/10, n/eom. Thecustomer picked up the clock from the shop.9-JunPaid the amount due for the purchase of June 3.11-JunPurchased $8,000 of clocks on account from Melbourne Clockworks, F.O.B.shipping point, terms 2/10, n/30. Freight charges of $460 were prepaid byMelbourne and added to the invoice. No discount is permitted on the freightcharges.19-JunSold a $3,500 clock on account, terms 2/10, n/eom. Tic Toc sold the clockF.O.B. destination, and paid the freight charges of $330.23-JunThe customer of June 19 called to report that the clock was receiveddamaged. An agreement was reached to reduce the invoice by 20%.27-JunPaid Melbourne Clockworks for the purchase of June 11.27-JunJanci Holgren paid for the purchase of June 5.28-JunThe customer of June 19 paid the balance due.GENERAL JOURNALDatePageAccounts3-JunDebitCredit4,0004,000Purchased clocks on account, terms1/10,n/305-Jun1,5001,500Sold clock on account, terms 2/10,n/eom9-Jun4,000803,920Paid for the puchase of June 3, takingthe 1% discount11-Jun8,0004608,460Purchasedclocksonaccount,2/10,n/30, F.O.B. shipping point19-Jun3,500Sold clock on account, 2/10, n/eom,F.O.B. destination23-JunReduced balance due from customeron account of damageGENERAL JOURNALDatePageAccounts27-JunPaid the full amount due for thepurchase of June 1127-JunCollected the amount due for the saleon June 528-JunCollected remaining amount for June19 sale, less 2% discountDebitCredit

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