E5B-29 Journalizing purchase transactionsperiodic inventory system

Learning Objective 8 Appendix 5B

Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.

Sep. 4	Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point.
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.
22	Received a $400 allowance from MY Appliance for damaged but usable goods.
29	Paid MY Appliance, less allowance and discount.

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