Question

Record the following transactions in general journal form using the periodic inventory system:
June 5 Sold merchandise on account to Wilson, Inc., $ 520; terms 1/10, n/30.
12 Bought merchandise on account from Mastercraft Company, $ 425; terms 2/10, n/45; FOB shipping point.
15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $ 45.
June 17 Received full payment from Wilson, Inc.
20 Received a credit memo from Mastercraft Company for defective merchandise returned, $ 75.
25 Paid Mastercraft Company in full within the discount period.
29 Bought merchandise on account from Boze Industries, $ 1,090; terms 1/15, n/30; freight prepaid and added to the invoice, $ 52 (total $ 1,142).



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  • CreatedOctober 21, 2014
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