Journal Entries Using the Periodic Inventory System

The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory

system.

Jan. $2$ Purchased $$22,000$ of merchandise on account, FOB shipping point, terms $2/15,\frac{n}{30}.$

$5$ Paid freight of $$500$ on the January $2$ purchase.

$6$ Returned $$3,000$ of the merchandise purchased on January $2.$

$13$ Sold merchandise on account, $$7,100,$ FOB destination, $\frac{1}{10},\frac{n}{30}.$ The cost of merchandise sold was $$5,200.$

$15$ Paid freight of $$50$ for the merchandise sold on January $13.$

$17$ Paid for the purchase of January $2$ less the return and discount.

$23$ Received payment on account for the sale of January $13$ less the discount.

Journalize the entries to record the transactions of Air Systems Company. If an amount box does not require an entry, leave it blank.

Jan. $2$

Jan. $6$