Journal Entries Using the Periodic Inventory System The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system. 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 goods sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13. 17. Paid for the purchase of January 2 less the return and discount. 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. If an amount box does not require an entry, leave it blank. Jan. 2               Jan. 5               Jan. 6               Jan. 13               Jan. 15               Jan. 17                       Jan. 23

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 4SEA: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...
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Journal Entries Using the Periodic Inventory System

The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system.

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 goods sold was $22,400.
15. Paid freight of $215 for the merchandise sold on January 13.
17. Paid for the purchase of January 2 less the return and discount.
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.

If an amount box does not require an entry, leave it blank.

Jan. 2      
       
Jan. 5      
       
Jan. 6      
       
Jan. 13      
       
Jan. 15      
       
Jan. 17      
       
       
Jan. 23      
       
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