Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3 Sept.6 Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9 Sept. 13 Sept. 19 Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Paid Zuzu Company in full. Received payments from Bailey Books. Instructions Journalize the September transactions for Reineman Supply Company.

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 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Question Two :
Reineman Supply Company uses a periodic inventory system. During September, the following
transactions and events occurred.
Sept.3
Sept.6
Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30.
Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were
defective.
Sept.9
Sept. 13
Sept.19
Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30.
Paid Zuzu Company in full.
Received payments from Bailey Books.
Instructions
Journalize the September transactions for Reineman Supply Company.
Transcribed Image Text:Question Two : Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3 Sept.6 Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9 Sept. 13 Sept.19 Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Paid Zuzu Company in full. Received payments from Bailey Books. Instructions Journalize the September transactions for Reineman Supply Company.
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