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 uses the periodic inventory system.

Jan. 2	Purchased $14,100 of merchandise on account, FOB shipping point, terms 2/15, n/30.
Jan. 5	Paid freight of $400 on the January 2 purchase.
Jan. 6	Returned $2,300 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $7,700, FOB destination, 1/10, n/30. The cost of goods sold was $5,600.
Jan. 15	Paid freight of $150 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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.

Journalize the entries to record the transactions of Air Systems Company. If an amount box does not require an entry, leave it blank Purchases Jan. 2 14,100 Accounts Payable 14,100 Jan. 5 Freight In 400 Cash 400 Jan, 6 Accounts Payable 2,300 V Purchases Returns and Allowances 2,300 V Accounts Receivable Jan. 13 7,623 Sales 7,623 Jan. 15 Delivery Expense 150 | Cash Accounts Payable Purchases Discounts Cash 150 | Jan. 17 11,800 Jan. 23