Prepare the journal entries to record these transactions on Huntington Comtransactions. pany’s books using a periodic inventory system.

(LO 6)

(a) On March 2, Huntington Company purchased $900,000 of merchandise from Saunder Company, terms 2/10, n/30.

(b) On March 6, Huntington Company returned $184,000 of the merchandise purchased on March 2.

(c) On March 12, Huntington Company paid the balance due to Saunder Company.

BE5S-13 Presented below is the format of the worksheet presented in the chapter.

for selected accounts.

oo Adjusted Trial Income Trial Balance | Adjustments Balance Statement | Balance Sheet Dr. (Cie Dr. | (Ge Dr. if Giz Diaaie Gi Dr. Cr Indicate where the following items will appear on the worksheet:

(a) Cash,

(b) Inventory,

(c) Sales revenue, and

(d) Cost of goods sold.

Example:

Cash: Trial balance debit column; Adjusted trial balance debit column; and Balance sheet debit column.