7. Journal EntriesPeriodic Inventory

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year.

Jan. 5		Purchased merchandise on account from Prestigious Jewelers, $3,300.
8		Paid freight charge on merchandise purchased, $300.
12		Sold merchandise on account to Diamonds Unlimited, $4,500.
15		Received a credit memo from Prestigious Jewelers for merchandise returned, $700.
22		Issued a credit memo to Diamonds Unlimited for merchandise returned, $900.

Journalize the transactions in a general journal using the periodic inventory method.

8.

Journal EntriesPeriodic Inventory

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year.

Jan. 5		Purchased merchandise on account from Prestigious Jewelers, $3,400.
8		Paid freight charge on merchandise purchased, $310.
12		Sold merchandise on account to Diamonds Unlimited, $4,260.
15		Received a credit memo from Prestigious Jewelers for merchandise returned, $690.
22		Issued a credit memo to Diamonds Unlimited for merchandise returned, $920.

Journalize the transactions in a general journal using the periodic inventory method.

9.

Journal EntriesPerpetual Inventory

Joan Ziemba owns a small variety store. The following transactions took place during March of the current year.

Mar. 3		Purchased merchandise on account from City Galleria, $2,800.
7		Paid freight charge on merchandise purchased, $200.
13		Sold merchandise on account to Amber Specialties, $3,400. The cost of the merchandise was $2,200.
18		Received a credit memo from City Galleria for merchandise returned, $670.
22		Issued a credit memo to Amber Specialties for merchandise returned, $500. The cost of the merchandise was $290.

Journalize the transactions in a general journal using the perpetual inventory method.

10.

Ending Inventory Costs

Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following:

Cost of merchandise on the showroom floor and in the warehouse	$38,000
Goods held on consignment (consignor is National Manufacturer)	6,400
Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista	4,600
Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3	3,800
Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5	3,100

Determine the total amount that should be included in Chen's Chattel's year-end inventory. $fill in the blank 1