Using the information in Exercise 1, complete the requirements assuming a periodic inventory system
In Exercise 1
Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200
5 Purchased merchandise on credit from Camp Corp. $2,300
7 Sold merchandise to j. Eason for $1,150, terms 2/10, n/30, invoice #5704, Cost, $700
8 Borrowed $8,000 by giving a note to the bank.
12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170
16 Received $1,127 from J. Eason to pay for the purchase of February 7.
19 Sold used store equipment to Whiten, Inc., for $900 cash.
25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300