Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5Purchased merchandise on account from Wheeler Warehouse, $4,300.8Paid freight charge on merchandise purchased, $230.12Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500.15Received a credit memo from Wheeler Warehouse for merchandise, $670.22Issued 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.2.Journalize the above transactions in a general journal using the perpetual inventory method.

Name: Bill Blumberg owns an auto parts business called Bill's Auto Parts. Th
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Description: Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5Purchased merchandise on account from Wheeler Warehouse, $4,300.8Paid freight charge on merchandise purch

Given: Wheeler Warehouse, $4,300 Merchandise purchased, $230 Sold merchandise on account to Big Time…

Answered: Bill Blumberg owns an auto parts…

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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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.
2.	Journalize the above transactions in a general journal using the perpetual inventory method.

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