The following were among this year’s transactions of Moore Appliances, which uses a periodic inventory system.
Jan. 15 Bought merchandise on account from Joyce Wholesalers, $ 4,560; terms 3/10, n/30.
21 Paid Joyce Wholesalers for the invoice of January 15.
Feb. 25 Bought merchandise on account from Miguel Company, $ 3,745; terms net 30 days.
Mar. 27 Gave a 60-day, 6 percent note, dated March 27, for $ 3,745 to Miguel Company to apply on account.
May 26 Paid Miguel Company the amount owed on the note of March 27.
June 18 Borrowed $ 9,000 from Trident Bank, giving a 90-day, 5.5 percent note, dated June 18, for that amount (received full face value).
Sept. 16 Paid Trident Bank the amount due on the note of June 18.
Record these transactions in a general journal (page 36).