Record the following transactions in general journal form using the periodic inventory system: June 5 Sold merchandise on account to Wilson, Inc., $520; terms 1/10, n/30. June 12 Bought merchandise on account from Mastercraft Company, $425; terms 2/10, n/45; FOB shipping point. June 15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $45. June 17 Received full payment from Wilson, Inc. June 20 Received a credit memo from Mastercraft Company for defective merchandise returned, $75. June 25 Paid Mastercraft Company in full within the discount period. June 29 Bought merchandise on account from Boze Industries, $1,090; terms 1/15, n/30; freight prepaid and added to the invoice, $52 (total $1,142).
Record the following transactions in general journal form using the periodic inventory system:
June 5 Sold merchandise on account to Wilson, Inc., $520; terms 1/10, n/30.
June 12 Bought merchandise on account from Mastercraft Company, $425; terms 2/10, n/45; FOB shipping point.
June 15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $45.
June 17 Received full payment from Wilson, Inc.
June 20 Received a credit memo from Mastercraft Company for defective merchandise returned, $75.
June 25 Paid Mastercraft Company in full within the discount period.
June 29 Bought merchandise on account from Boze Industries, $1,090; terms 1/15, n/30; freight prepaid and added to the invoice, $52 (total $1,142).
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