Journalizing periodic transactions [10-15 min]
Assume that the following transactions occurred between Springfield Medical Supply and a Brookston drug store during September of the current year.
Sep 6 | Brookston purchased $6,300 of merchandise from Springfield Medical Supply on credit terms of 2/10, n/30, FOB shipping point. Separately, Brookston paid freight in of $500. |
10 | Brookston returned $700 of the merchandise to Springfield. |
15 | Brookston paid $3,150 of the invoice amount owed to Springfield for the September 6 purchase, less the discount. |
27 | Brookston paid the remaining amount owed to Springfield for the September 6 purchase. |
Requirement
1. Journalize these transactions, first on the books of the Brookston drug store and second on the books of Springfield Medical Supply. Use the periodic inventory system.
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