Bala Company completed the following merchandising transactions in the month of March 2020. Mar Purchased merchandise...

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Bala Company completed the following merchandising transactions in the month of March 2020. Mar Purchased merchandise from KK Co. on account for $20,000, terms 2/10, n/30; FOB shipping point. The appropriate party paid $300 freight on Mar 3. 5 Sold merchandise for cash $1,500. The cost of the merchandise sold was 60% of sales revenue. The customer came to pick up the product at the company. 6 Sold merchandises to Dova on account for $8,200, terms 5/10, n/30; FOB shipping point. The appropriate party paid $40 freight on Mar 7. The cost of merchandise sold was 70% of sales revenue. 8 Accepted a return of defective merchandise from Dova-Allowances granted was $500. 11 account for $9,000; terms 3/10, n/30; FOB Purchased merchandises from JJ on destination. The appropriate party paid $250 freight on May 12. 13 Paid KK Co. in full. Received payment in full from Dova. Purchased Office Equipment for 15 18 $5,000 on account. 21 Paid JJ in full. Instructions: (Explanations are not required for your journal entries but skip one line before entering a new entry.) 2. Journalize the March transactions using a Periodic inventory system. General Journal Date Account titles Debit Credit Bala Company completed the following merchandising transactions in the month of March 2020. Mar Purchased merchandise from KK Co. on account for $20,000, terms 2/10, n/30; FOB shipping point. The appropriate party paid $300 freight on Mar 3. 5 Sold merchandise for cash $1,500. The cost of the merchandise sold was 60% of sales revenue. The customer came to pick up the product at the company. 6 Sold merchandises to Dova on account for $8,200, terms 5/10, n/30; FOB shipping point. The appropriate party paid $40 freight on Mar 7. The cost of merchandise sold was 70% of sales revenue. 8 Accepted a return of defective merchandise from Dova-Allowances granted was $500. 11 account for $9,000; terms 3/10, n/30; FOB Purchased merchandises from JJ on destination. The appropriate party paid $250 freight on May 12. 13 Paid KK Co. in full. Received payment in full from Dova. Purchased Office Equipment for 15 18 $5,000 on account. 21 Paid JJ in full. Instructions: (Explanations are not required for your journal entries but skip one line before entering a new entry.) 2. Journalize the March transactions using a Periodic inventory system. General Journal Date Account titles Debit Credit

Answer rating: 100% (QA)

Date Account Dr Cr 20200302 Inventory 20000 Accounts Payable 20000 Date Account Dr Cr 20200303 Freight Inwards 300 Cash 300 See explanation 1 for the ... View the full answer