Chapter 5, Problem 5.11SE

Journalizing purchase transactions-periodic inventory system

Consider the following transactions for Garnier Packing Supplies:

Apr. 10	Garnier Packing Supplies buys $156,000 worth of merchandise inventory on account with credit terms of 3/1 0, n/30.
12	Garnier returns $11,000 of the merchandise to the vendor due to damage during shipment.
19	Garnier paid the amount due, less the return and discount.

Requirements

1. Journalize the purchase transactions assuming Garnier Packing Supplies uses the periodic inventory system. Explanations are not required.

2. What is the amount of net purchases?