Question: Using the information in Exercise 9, complete the requirements assuming a periodic inventory system In Exercise 9 On May 11, 2014, Wilson Purchasing purchased $30,000

Using the information in Exercise 9, complete the requirements assuming a periodic inventory system
In Exercise 9
On May 11, 2014, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque # 84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque # 85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21.

Required
1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Disbursements Journal, and General Journal as appropriate.
2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts Journal, and General Journal as appropriate. Assume invoice #1601 for the May 11 sale.

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