U Business-Department 2017. applies perpetual Bowie State University-College of Spring which the n/30, FOB of transactions, entries record the following merchandising of2/05, 1. joumal to under credit terms system. CraftCompany for S7.800 from invoice dated May 4. The merchandise dated May 1 FOB shipping point, n/30. 1 point, $5,600, terms of 3/15, May shipping Company credit ise to Sting Company offe ol May 3 merchandise had cost $3,000. May 1 purchase May 8. The the dated FOB ping May 4 Paid $300 cash for the freight charges on period. invoice n/30. May 5 Paid Craft the balance due the discount point, of within Company for terms Sold dise to Skeet Company Company offered credit period May 8 merchandi cost of $1,500. The discount defective had a Company within the an allowance on May 13 Received the balance due from Sting Company for Issued a credit S200 credit memorandum to Skeet May 14 merchandise. the discount period. the May 17 Received the balance due from Skeet Company within Note for May The company purchased warehouse for $112,200. It paid $30,000 and issued a 18 remainder. n the Adinsted TB columns.