P5B-39A Journalizing purchase and sale transactions-periodic inventory system Journalize the following transactions that occurred in March 2018 for Double Com- pany. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales returns at the end of each month. Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $70 on March 3 purchase. Purchased merchandise inventory for cash of $1,100. 6. Mar. 3 4 4 Returned $900 of inventory from March 3 purchase. to Herrick Comnany $3.400, on account. Terms

P5B-39A Journalizing purchase and sale transactions-periodic inventory system Journalize the following transactions that occurred in March 2018 for Double Com- pany. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales returns at the end of each month. Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $70 on March 3 purchase. Purchased merchandise inventory for cash of $1,100. 6. Mar. 3 4 4 Returned $900 of inventory from March 3 purchase. to Herrick Comnany $3.400, on account. Terms

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...

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