Mid-Century Antiques, which uses a periodic inventory system, engaged in the following transactions during July of the current year:

Required

Journalize the preceding transactions on the books of Mid-Century Antiques.

Transcribed Image Text:

2580 Jul. 2 8 9 11 12 14 16 20 21 23 30 Purchased inventory for cash, $6,400, less a quantity discount of $900. Purchased store supplies on credit terms of net eom, $3,400. Purchased inventory of $27,000, less a quantity discount of 10 percent, plus freight charges of $1,100. Credit terms are 2/15, n/30. Sold goods for cash, $10,800. Returned $1,000 (net amount after the quantity discount) of the inventory purchased on July 8. It was damaged in shipment. Purchased inventory on credit terms of 2/10, n/30, for $30,000. Sold inventory on credit terms of 1/10, n/30, for $69,200, less a $6,920 quantity discount. Received and paid the electricity bill, $3,200. Received returned inventory from the July 14 sale, $2,500 (net amount after the quantity discount). Mid-Century shipped the wrong goods by mistake. Paid supplier for goods purchased on July 8. Received $43,120 cash in partial settlement of the account from the customer who purchased inventory on July 14. Granted the customer a 2 percent discount and credited the customer's account receivable for $44,000. Paid for the store supplies purchased on July 5.