Question: accounting question Journal Entries Using the Periodic Inventory System The following selected transactions were completed by Air Systems Company during January of the current year.

 accounting question Journal Entries Using the Periodic Inventory System The followingselected transactions were completed by Air Systems Company during January of thecurrent year. Air Systems uses the periodic inventory system. Jan. 2. Purchased

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$18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5.Paid freight of $190 on the January 2 purchase. 6. Returned $2,750of the merchandise purchased on January 2. 13. Sold merchandise on account,

Journal Entries Using the Periodic Inventory System The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system. Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. 13. Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13. 17. Paid for the purchase of January 2 less the return and discount. 23. Received payment on account for the sale of January 13 less the discount. Journalize the entries to record the transactions of Air Systems Company. If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 5 Jan. 6 lan 1323. Received payment on account for the sale of January 13 less the discount. Journalize the entries to record the transactions of Air Systems Company. If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 5 Jan. 6 Jan. 13 Jan. 15 Jan. 17 lan 73an amount box does not require an entry, leave it blank. Jan. 2 Jan. 5 Jan. 6 Jan. 13 Jan. 15 Jan. 17 10I Jan. 23

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