Journalize the following transactions related to merchandising operations that occurred in August while paying attention to the credit terms:
• Aug 1 - Purchased merchandise on account from ABC $2,500, FOB destination point, terms n/10,n/30. The party paying the freight
paid it in cash.
• Aug 3 - Received credit of $200 from ABC for merchandise with flaws that you returned.
• Aug 5 - Sold merchandise on account to customers $1,000, terms 1/10,n/30. Cost of the items sold $400.
Aug 9 - Paid ABC
• Aug 25 - Granted credit of $350 to customers for faulty merchandise costing $150 returned
• Aug 26 - Received payments on account from customers $500.

Profits from using currency options and futures.on july 2, the two-month futures rate of the mexican peso contained a 2 percent discount (unannualized). there was a call option on pesos with an exercise price that was equal to the spot rate. there was also a put option on pesos with an exercise price equal to the spot rate. the premium on each of these options was 3 percent of the spot rate at that time. on september 2, the option expired. go to the oanda.com website (or any site that has foreign exchange rate quotations) and determine the direct quote of the mexican peso. you exercised the option on this date if it was feasible to do so. a. what was your net profit per unit if you had purchased the call option? b. what was your net profit per unit if you had purchased the put option? c. what was your net profit per unit if you had purchased a futures contract on july 2 that had a settlement date of september 2? d. what was your net profit per unit if you sold a futures contract on july 2 that had a settlement date of september 2