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3. PERIODIC PURCHASES *BE5.17 (LO 7) AP Video Prepare the journal entries to record these transactions on Allied Company's books. Allied Company uses a periodic

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3. PERIODIC PURCHASES *BE5.17 (LO 7) AP Video Prepare the journal entries to record these transactions on Allied Company's books. Allied Company uses a periodic inventory system. Feb. Allied purchased $12,000 of merchandise from NW Wholesale Company, terms 2/10, 5n/30, FOB shipping point. 6 The correct company paid freight costs of $110. 8 Allied returned $1,000 of the merchandise purchased on February 5 . 11 Allied paid the balance due to NW Wholesale

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