1. Prepare general journal entries to record the transactions.

2. Prepare general journal entries to enter the transactions.

3. Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time.

Some of the transactions of Sunland Company during August are listed below. Sunland uses the periodic inventory method. August 10 13 15 Purchased merchandise on account, $10,600, terms 2/10, n/30. Returned part of the purchase of August 10, $1,100, and received credit on account. Purchased merchandise on account, $14,400, terms 1/10, n/60. Purchased merchandise on account, $19,000, terms 2/10, n/30. Paid invoice of August 15 in full. 25 28