Book Calculator urnal Entries Using the Periodic Inventory System he following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Co Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. 13. Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13. discount. 17. Paid for the purchase of January 2 less the returm and 23. Received payment on account for the sale of January 13 less the discount. Journalize the entries to record the transactions of Air Systems Company. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 2 Aseseuoend 17.836 X Accounts Payable 190 Freight In Jan. 5 190 Cash 2,750 Accounts Payable / Jan. 6 2,750 Purchases Returns and Allowances Check My Work All work saved. e onouat

Book Calculator urnal Entries Using the Periodic Inventory System he following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Co Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. 13. Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13. discount. 17. Paid for the purchase of January 2 less the returm and 23. Received payment on account for the sale of January 13 less the discount. Journalize the entries to record the transactions of Air Systems Company. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 2 Aseseuoend 17.836 X Accounts Payable 190 Freight In Jan. 5 190 Cash 2,750 Accounts Payable / Jan. 6 2,750 Purchases Returns and Allowances Check My Work All work saved. e onouat

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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