Chapter 5, Problem 5.28E

Journalizing purchase and sales transactions--periodic inventory system

Journalize the following transactions for Mood y Bicycles using the periodic inventory system. Explanations are not required.

Nov. 2	Purchased $3,700 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point.
6	Returned $600 of defective merchandise purchased on November 2.
8	Paid freight bill of $150 on November 2 purchase.
10	Sold merchandise inventory on account for $6,200. Payment terms were 1/ 15, n/45.
11	Paid amount owed on credit purchase of November 2, less the return and the discount.
15	Granted a sales allowance of $400 on the November 10 sale.
22	Received cash from November 10 customer in full settlement of their debt. less the allowance and the discount.