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JOURNAL ENTRIES—PERIODIC INVENTORY Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method. Jan. 5 Purchased merchandise on account from Elite Warehouse, $4,100. 8 Paid freight charge on merchandise purchased, $300. 12 Sold merchandise on account to Memories Unlimited, $5,200. 15 Received a credit memo from Elite Warehouse for merchandise returned, $700. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $400.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 13, Problem 2SEB
Textbook Problem

JOURNAL ENTRIES—PERIODIC INVENTORY Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.

Jan. 5 Purchased merchandise on account from Elite Warehouse, $4,100.
  8 Paid freight charge on merchandise purchased, $300.
  12 Sold merchandise on account to Memories Unlimited, $5,200.
  15 Received a credit memo from Elite Warehouse for merchandise returned, $700.
  22 Issued a credit memo to Memories Unlimited for merchandise returned, $400.

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Chapter 13 Solutions

College Accounting, Chapters 1-27
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