ID: A 7. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following...

 

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ID: A 7. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. -15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. July 5 12 Required: Journalize the above transactions in a general journal using the periodic inventory 1. method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. Jourmal Enthien ID: A 7. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. -15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. July 5 12 Required: Journalize the above transactions in a general journal using the periodic inventory 1. method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. Jourmal Enthien

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