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1. please help with all parts in the picture... Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month
1. please help with all parts in the picture...
Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May. 1. Specialty Store purchased inventory on account for $6,300. Freight charges of $950 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,250 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 45 Record the merchandise purchased on account for $6,300. Note: Enter debits before credus. Journal entry worksheet Record the payment of freight charges for $950. Note: Enter debits before credits. Record the return of merchandise purchased on account costing $1,250. Note: Enter debits before credits. Journal entry worksheet Record the sale of merchandise for $6,500 in cash. Note: Enter debits before credits. Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6,300. Freight charges of $950 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,250 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Step by Step Solution
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