5:54 Final project ACC 106 Summer1, 20... Question 1: (Total 10 marks) ABC Co uses the peridic inventory system. During June, the following transactions occurred for ABC compagny : 1- June 1 Purchased 200 units of goods 50$ each one from Ahmed Co, terms 2/10, n/30. 2- June 3 Received credit of 3,000 $ for the return of 60 units purchased on June 1 that were defective. 3- June 5, ABC. sold goods 100 units at selling price 80 $ per unit to Sigma Co. on account 2/10 n, 30. FOB destination. 4- June 6, ABC Co. paid cash 300 $ freight expenses on June 5 sales. 5- June 10, ABC paid the net due to Ahmed Co. 6- June 20, received cash from Sigma Co. Instructions: 1. Journalize the June transactions for ABC company using the periodic inventory system. (8 marks) 2. Explain the importance of physical inventory operation at the year end. (2 marks) General Journal Date Account Title & Explanation Debit Credit