MGAB01H3 Chapter : Periodic Inventory System
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Johnâs Specialty Store uses a periodic inventory system. Thefollowing are some inventory transactions for the month of May2016: |
1. | John's purchased merchandise onaccount for $5,200. Freight charges of $400 were paid in cash. |
2. | Johnâs returned some of the merchandise purchased in (1). Thecost of the merchandise was $700 and Johnâs account was credited bythe supplier. |
3. | Merchandise costing $2,900 wassold for $5,400 in cash. |
Required: |
Prepare the necessary journal entries to record thesetransactions |