July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. Paid freight charge on merchandise purchased, $230. Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 12 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The 22 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 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 ul. 5 3 Jul. 8 3. 5 Jul. 12 7 Jul. 15

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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July 5
Purchased merchandise on account from Wheeler Warehouse, $4,300.
Paid freight charge on merchandise purchased, $230.
Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost
$2,500.
12
15
Received a credit memo from Wheeler Warehouse for merchandise, $670.
Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The
22
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
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 ul. 5
3 Jul. 8
3.
5 Jul. 12
7 Jul. 15
Transcribed Image Text:July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. Paid freight charge on merchandise purchased, $230. Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 12 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The 22 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 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 ul. 5 3 Jul. 8 3. 5 Jul. 12 7 Jul. 15
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