Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the

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Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.

Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,300.

8 Paid freight charge on merchandise purchased, $300.

12 Sold merchandise on account to Diamonds Unlimited, $4,500.

15 Received a credit memo from Prestigious Jewelers for merchandise returned, $700.

22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $900.

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College Accounting Chapters 1-15

ISBN: 978-1285055459

21st Edition

Authors: James Heintz

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Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the

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DATE 20 Jan 5 Purchases GENERAL JOURNAL 8 FreightIn Cash DESCRIPTION Accounts P...View the full answer

College Accounting Chapters 1-15

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