John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...

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John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1.250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the merchandise purchased on account for $6,300. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 > Record the payment of freight charges for $950. Note: Enter debits before credits. Transaction General Journal Debit Credit 1b Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 > 3 4 5 Record the return of merchandise purchased on account costing $1,250. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of merchandise for $6,500 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit За Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the cost of goods sold for $3,450. Note: Enter debits before credits. Transaction General Journal Debit Credit 3b Record entry Clear entry View general journal John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1.250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the merchandise purchased on account for $6,300. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 > Record the payment of freight charges for $950. Note: Enter debits before credits. Transaction General Journal Debit Credit 1b Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 > 3 4 5 Record the return of merchandise purchased on account costing $1,250. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of merchandise for $6,500 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit За Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the cost of goods sold for $3,450. Note: Enter debits before credits. Transaction General Journal Debit Credit 3b Record entry Clear entry View general journal

Answer rating: 100% (QA)

Johns purchased merchandise on account for 6300 Freight charges of 950 were paid in cash Purcha... View the full answer