Question: one question 5 journal please do the answer John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month

 one question 5 journal please do the answer John's Specialty Store

uses a periodic inventory system. The following are some inventory transactions for

the month of May 2018: 1. John's purchased merchandise on account for

$7.000. Freight charges of $1,300 were paid in cash. 2. John's returned

some of the merchandise purchased in (1). The cost of the merchandise

one question 5 journal please do the answer

John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $7.000. Freight charges of $1,300 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1.600 and John's account was credited by the supplier. 3. Merchandise costing $3,800 was sold for $7,200 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 $7,000. Note: Enter debits before credits Transaction General Journal Debit Credit 01 Journal entry worksheet Journal entry worksheet Record the return of merchandise costing $1,600. Note: Enter debits before credits. Transaction General Journal 02 Debit Credit Journal entry worksheet Record the cost of goods sold for $3,800. Note: Enter debits before credits. Transaction General Journal Debit Credit 03

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