Refer to Exercise 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the
periodic inventory system is used.
Refer to Exercise 5-1
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system.
Apr. 2 Purchased merchandise from Johns Company under the following terms: $5,900 price, invoice
dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
3 Paid $330 for shipping charges on the April 2 purchase.
4 Returned to Johns Company unacceptable merchandise that had an invoice price of $900.
17 Sent a check to Johns Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased merchandise from William Corp. under the following terms: $12,250 price, invoice dated April 18, credit terms of 2_10, n_30, and FOB destination.
21 After negotiations, received from William a $3,250 allowance on the April 18 purchase.
28 Sent check to William paying for the April 18 purchase, net of the discount and allowance.
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