Question

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.
Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,300.
8 Paid freight charge on merchandise purchased, $300.
12 Sold merchandise on account to Diamonds Unlimited, $4,500.
15 Received a credit memo from Prestigious Jewelers for merchandise returned, $700.
22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $900.



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  • CreatedJune 07, 2014
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