Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on aCcount to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. DEBIT CREDIT REF. 1 July 5 Purchases 1 2 Accounts Payable 3 July 8 Freight-In 3 4 Cash 4 July 12 Accounts Receivable 5 Sales 6. 7 July 15 Purchases Returns and Allowances 7 8 Accounts Receivable 8 9 July 22 Purchases Returns and Allowances 9. 10 Sales Returns and Allowances 10

Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on aCcount to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. DEBIT CREDIT REF. 1 July 5 Purchases 1 2 Accounts Payable 3 July 8 Freight-In 3 4 Cash 4 July 12 Accounts Receivable 5 Sales 6. 7 July 15 Purchases Returns and Allowances 7 8 Accounts Receivable 8 9 July 22 Purchases Returns and Allowances 9. 10 Sales Returns and Allowances 10

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Description: 9.July 22 Purchases Returns and Allowances10Sales Returns and Allowances102. Journalize the above transactions in a general journal using the perpetual inventory method. If an amount box does not require an entry, leave it blank.Page: 1DATEDESCRIPTI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Create general journal entries.
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