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Category > Management Posted 22 Nov 2017 My Price 6.00

John’s Specialty Store

Periodic inventory system; journal entries

[This is a variation of E 8–1 modified to focus on the periodic inventory system.]

John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2016:

1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.

2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.

3. Merchandise costing $2,800 was sold for $5,200 in cash.

Required:

Prepare the necessary journal entries to record these transactions.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Nov 2017 11:11 PM My Price 6.00

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