Question: Lopez Appliances had the following purchase transactions Journalize all necessary

Lopez Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
Sep. 4 Purchased inventory of $ 6,960 on account from Marx Appliance Wholesale, an appliance wholesaler. Terms were 2/15, n/30, FOB shipping point.
4 Paid freight charges, $ 480.
10 Returned $ 960 of inventory to Marx.
17 Paid Marx Appliance Wholesale, less return and discount.
20 Purchased inventory of $ 4,200 on account from MR Appliance an appliance wholesaler. Terms were 3/10, n/45, FOB destination.
22 Received a $ 580 allowance from MR Appliance for damaged but usable goods.
29 Paid MR Appliance, less allowance and discount.


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  • CreatedJanuary 16, 2015
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