Question

Journalize the following transactions for Moto Bicycles using the periodic inventory system. Explanations are not required.
Nov. 2 Purchased $ 3,780 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point.
6 Returned $ 560 of defective merchandise purchased on November 2.
8 Paid freight bill of $ 140 on November 2 purchase.
10 Sold merchandise inventory on account for $ 6,090. Payment terms were 1/15, n/45.
11 Paid amount owed on credit purchase of November 2, less the return and the discount.
15 Granted a sales allowance of $ 700 on the November 10 sale.
22 Received cash from November 10 customer in full settlement of their debt, less the allowance and the discount.



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  • CreatedJanuary 16, 2015
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