prepare the journal entries to record these transactions on the books of locke co. using a periodic inventory system.

Project Description:

this information relates to locke co.

1. on april 5, purchased merchandise from k. austen company for $22,000, terms 4/10, net/30, fob shipping point.
2. on april 6, paid freight costs of $950 on merchandise purchased from k. austen company.
3. on april 7, purchased equipment on account for $33,980.
4. on april 8, returned some of april 5 merchandise, which cost $3,300, to k. austen company.
5. on april 15, paid the amount due to k. austen company in full.
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