Using the information in Problem 3A, complete the requirements assuming a periodic inventory system
In Exercise 3A
Apr. 2 Purchased merchandise on credit from Baskin Company, invoice dated April 2, terms 2/10, n/60, $12,800.
3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. Cost, $1,900
3 Purchased office supplies on credit from Eau Claire Inc., $1,340. Invoice dated April 2, terms n/10 EOM.
4 Issued cheque #587 to The Record for advertising expense, $1,020.
5 Sold merchandise on credit to Paul Abrams, invoice #761, $9,400. Cost, $5,600
6 Received an $85 credit memorandum from Eau Claire Inc. for office supplies received on April 3 and returned for credit.
9 Purchased store equipment on credit from Frank's Supply, invoice dated April 9, terms n/10 EOM, $10,500.
11 Sold merchandise on credit to Kelly Schaefer, invoice #762, $10,000. Cost, $6,000
12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice.
13 Received payment from Linda Hobart for the April 3 sale.
13 Sold merchandise on credit to Linda Hobart, invoice #763, $5,200. Cost, $3,100
14 Received payment from Paul Abrams for the April 5 sale.
16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month, $9,500. For simplicity, we assume one cheque.
16 Cash sales for the first half of the month were $54,000. Cost, $32,400 Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions.