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AccountingCorporate Financial AccountingJournal 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, 1/0, 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.
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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, 1/0, 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.

BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

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Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 5.1BE
Problem 5.2BE
Problem 5.3BE
Problem 5.4BE
Problem 5.5BE
Problem 5.6BE
Problem 5.7BE
Problem 5.1EX
Problem 5.2EX
Problem 5.3EX
Problem 5.4EX
Problem 5.5EX
Problem 5.6EX
Problem 5.7EX
Problem 5.8EX
Problem 5.9EX
Problem 5.10EX
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Problem 5.14EX
Problem 5.15EX
Problem 5.16EX
Problem 5.17EX
Problem 5.18EX
Problem 5.19EX
Problem 5.20EX
Problem 5.21EX
Problem 5.22EX
Problem 5.23EX
Problem 5.24EX
Problem 5.25EX
Problem 5.26EX
Problem 5.27EX
Problem 5.28EX
Problem 5.29EX
Problem 5.30EX
Problem 5.31EX
Problem 5.32EX
Problem 5.33EX
Problem 5.34EX
Problem 5.35EX
Problem 5.36EX
Problem 5.37EX
Problem 5.38EX
Problem 5.39EX
Problem 5.40EX
Problem 5.41EX
Problem 5.42EX
Problem 5.43EX
Problem 5.44EX
Problem 5.45EX
Problem 5.1APR
Problem 5.2APR
Problem 5.3APR
Problem 5.4APR
Problem 5.5APR
Problem 5.6APR
Problem 5.7APR
Problem 5.8APR
Problem 5.9APR
Problem 5.10APR
Problem 5.1BPR
Problem 5.2BPR
Problem 5.3BPR
Problem 5.4BPR
Problem 5.5BPR
Problem 5.6BPR
Problem 5.7BPR
Problem 5.8BPR
Problem 5.9BPR
Problem 5.10BPR
Problem 2COP
Problem 5.1MAD
Problem 5.2MAD
Problem 5.3MAD
Problem 5.4MAD
Problem 5.5MAD
Problem 5.6MAD
Problem 5.7MAD
Problem 5.1TIF
Problem 5.2TIF
Problem 5.5TIF
Problem 5.6TIF
Problem 5.7TIF
Chapter 5, Problem 5.39EX
Textbook Problem

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, 1/0, 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.

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Chapter 5 Solutions

Corporate Financial Accounting
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