Apr. 2 Purchased merchandise on account from Walker Supply €6,200, terms 1/10, n/30.

 4 Sold merchandise on account €5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was €3,400. 

5 Paid €240 freight on April 4 sale.

 6 Received credit from Walker Supply for merchandise returned €500. 

11 Paid Walker Supply in full, less discount.

 13 Received collections from customers billed on April 4. 

14 Purchased merchandise for cash €3,800. 

16 Received refund from supplier for returned goods on cash purchase of April 14, €500. 

18 Purchased merchandise from Benjamin Glassware €4,500, FOB shipping point, terms 2/10, n/30.

 20 Paid freight on April 18 purchase €160.

 23 Sold merchandise for cash €7,400. The merchandise sold had a cost of €4,120.

 26 Purchased merchandise for cash €2,300. 

27 Paid Benjamin Glassware in full, less discount.

 29 Made refunds to cash customers for defective merchandise €90. The returned merchandise had a fair value of €30. 

30 Sold merchandise on account €3,400, terms n/30. The cost of the merchandise sold was €1,900.

 Instructions:  1. Journalize the transactions using a periodic inventory system.

Answer rating: 100% (QA)

Journal Entries Journalize the transactions using a periodic inventory system Working Note 1 Amount due for Walker Supply 6200 Less Return 500 5700 Le... View the full answer