Question: Solve this problem please 9. Heritage Company, which uses the periodic inventory system, engaged in the following transactions in October Oct. 1 Purchased merchandise on
9. Heritage Company, which uses the periodic inventory system, engaged in the following transactions in October Oct. 1 Purchased merchandise on credit from Dascenzo Company, terms 2/10, n/30, FOB shipping point, $3,900. 2 Paid Kendall Company for shipping charges on merchandise received, $218. 7 Sold merchandise on credit to Larry Hill, terms 2/10, n/60, $3,000 9 Purchased merchandise on credit from Tower Company, terms 1/10, n/30, FOB shipping point, $6,000. 10 Purchased merchandise on credit from Center Company, terms 2/10, n/30, FOB shipping point, $9,600, including $600 freight costs paid by Center 10 Paid Kendall Company for shipping charges on merchandise received, $254 11 Paid Dascenzo Company for purchase of October 1. 13 Purchased office supplies on credit from Phclan Company, terms n/10, $2,400. 14 Sold merchandise on credit to Mary Walton, terms 2/10, n/30, $2,400. 14 Returned damaged merchandise received from Tower Company on October 9 for credit, $600. 17 Received check from Larry Hill for his purchase of October 7 18 Returned a portion of the office supplies received on October 13 for credit because the wrong items were sent, $400. 19 Sold merchandise for cash, $1,800. 20 Paid Center Company for purchase of October 10, 21 Paid Tower Company the balance from transactions of October 9 and October 14. 24 Received payment in full from Mary Walton for sale of merchandise on October 14. 26 Paid Phelan Company for purchase of October 13 less the return for credit on October 18. 31 Sold merchandise for cash, $1,500. 1. Prepare general journal entries to record the transactions, assuming purchases are recorded initially at their gross purchase price
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