Journalize entries using the periodic inventory system

Oct 16th, 2015
Price: $5 USD

Question description

The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic 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 Jan. 2 purchase.

        6. Returned $2,750 of the merchandise purchased on Jan. 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 Jan. 13

       17. Paid for the purchase of January 2 less the return and discount.

       23. Received payment on account for the sale of Jan. 13 less the discount.

Journalize the entries to record the transactions of Air Systems Company.

Tutor Answer

(Top Tutor) Anjum H
School: Boston College

Studypool has helped 1,244,100 students

Review from student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors