Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:
1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash.
2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty
Store's account was credited by the supplier.
3. Inventory costing $2,950 was sold for $5,500 in cash.
Required:
Prepare the necessary journal entries to record these transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1 2
Record the merchandise purchased on account for $5,300.
Note: Enter debits before credits.
Transaction
1a
General Journal
Debit
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