Using the information in Exercise 2, prepare journal entries to record the transactions assuming a periodic inventory system.
Feb. 1 Purchased $ 17,000 of merchandise inventory; terms 1 /10, n/30.
5 Purchased for cash $8,200 of merchandise inventory.
6 Purchased $22,000 of merchandise inventory; terms 2/15, n/45.
9 Purchased $1,900 of office supplies; terms n/15.
10 Contacted a major supplier to place an order for $200,000 of merchandise in exchange for a 30% trade discount to be shipped on April 1 FOB destination.
11 Paid for the merchandise purchased on February 1.
24 Paid for the office supplies purchased on February 9.
Mar. 23 Paid for the February 6 purchase.
Feb. 1 Purchased $ 17,000 of merchandise inventory; terms 1 /10, n/30.
5 Purchased for cash $8,200 of merchandise inventory.
6 Purchased $22,000 of merchandise inventory; terms 2/15, n/45.
9 Purchased $1,900 of office supplies; terms n/15.
10 Contacted a major supplier to place an order for $200,000 of merchandise in exchange for a 30% trade discount to be shipped on April 1 FOB destination.
11 Paid for the merchandise purchased on February 1.
24 Paid for the office supplies purchased on February 9.
Mar. 23 Paid for the February 6 purchase.