Consider the following transactions for Garman Packing Supplies:
Apr. 10 Garman Packing Supplies buys $175,000 worth of merchandise inventory on account with credit terms of 1/10, n/30.
12 Garman returns $15,200 of the merchandise to the vendor due to damage during shipment.
19 Garman paid the amount due, less the return and discount.
Requirements
1. Journalize the purchase transactions assuming Garman Packing Supplies uses the periodic inventory system. Explanations are not required.
2. What is the amount of net purchases?