Prepare General Journal entries to record the following periodic system transactions of Inter-Cap Merchandising. Use a separate account for each receivable and payable.
March 1 Purchased merchandise on credit from Zender Holdings, terms 1/10, n/15, $40,000.
2 Sold merchandise for cash, $5,100
7 Purchased merchandise on credit from Red River Co., terms 2/10, n/30, $29,500, FOB the seller's factory.
8 Incurred freight charges for $1,750 on credit to Dan's Shipping regarding the merchandise shipment of the previous transaction
12 Sold merchandise on credit to Bev Dole, terms 2/10, n/45, $26,000.
13 Received a $1,000 credit memorandum for merchandise purchased on March 7 and returned for credit.
14 Purchased furniture for the office on credit from Wilson Supplies $3,200.
15 Sold merchandise on credit to Ted Smith, terms 2/10, n/45, $24,000.
16 Paid for the merchandise purchased on March 7.
17 Issued a credit memorandum to the customer of March 15 granting an allowance of $2,000 due to damage during shipment.
19 The supplier issued a credit memorandum for $1,500 regarding unsatisfactory furniture purchased on March 14 and returned.
24 Received payments for the merchandise sold on March 15.
27 The customer of March 12 paid for the purchase of that date.
31 Paid for the merchandise purchased on March 1.