9-45

Exercise 9-45 Periodic Method- Recording Inventory Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The fo transactions occurred during the month of March 2020 for its major inventory line. E ntries using a. Purchase of merchandise inventory on March 1, 2020, for $24,000 on account, terms 1/10, n/30. b. Paid $240 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $180 of merchandise on March 5, 2020, and received a credit from the vendor d. Paid the balance due to the vendor on March 8, 2020. the Gross Method LO2 . Sold merchandise inventory on March 15, 2020, for $15,000 with a cost of $10,000 (including transporta- tion costs). Required Prepare journal entries for transactions a through e