Journalizing periodic transactions [10-15 min]
Assume that the following transactions occurred between Brighton Medical Supply and a Best drug store during April of the current year.
Apr 6 | Best purchased $5,800 of merchandise from Brighton Medical Supply on credit terms of 2/10, n/30, FOB shipping point. Separately, Best paid freight in of $150. |
10 | Best returned $900 of the merchandise to Brighton. |
15 | Best paid $2,900 of the invoice amount owed to Brighton for the April 6 purchase, less the discount. |
27 | Best paid the remaining amount owed to Brighton for the April 6 purchase. |
Requirement
1. Journalize these transactions, first on the books of the Best drug store and second on the books of Brighton Medical Supply. Use the periodic inventory system.
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