B-29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. Sep. 4 4 Paid freight charges, $480 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an appliance wholesaler. Terms were 1/10, n/45, FOB destination. Received a $400 allowance from MY Appliance for damaged but usable goods Paid MY Appliance, less allowance and discount. 22 29