Question

The following purchase-related transactions for Axiom, Inc. occurred during the month of February.
Feb 3 Purchased $5,400 of merchandise, paid cash.
9 Purchased $650 of supplies on account from Supplies Unlimited, terms n/30, FOB destination.
16 Purchased $6,800 of merchandise on account from A to Z, Inc., terms 2/15, n/30, FOB shipping point.
22 Received a credit memo in the amount of $1,200 from A to Z, Inc. for damaged goods from the February 16 purchase that were returned.
28 Paid for the supplies purchased on February 9.
28 Paid A to Z, Inc. in full for the February 16 purchase.
Requirement
Journalize all necessary transactions for Axiom, Inc. using
(1) The perpetual inventory system,
(2) The periodic inventory system. Omit explanations.


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  • CreatedJuly 08, 2015
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