Consider the following transactions for Dependable Packing Supplies: 

Requirements 

1. Journalize the purchase transactions assuming Dependable Packing Supplies uses the periodic inventory system. Explanations are not required. 

2. What is the net cost of inventory purchased?

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Apr. 10 12 19 Dependable Packing Supplies buys $156,000 worth of merchandise inventory on account with credit terms of 3/10, n/30 from The Hauling Company. Dependable Packing Supplies returns $11,000 of the merchandise to The Hauling Company due to damage during shipment. Dependable Packing Supplies paid the amount due, less the return and discount, to The Hauling Company.