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*BE5.14 (LO 7) AP Video Prepare the journal entries to record these transactions on Allied Company's books. Allied Company uses a periodic inventory system. ves

*BE5.14 (LO 7) AP Video Prepare the journal entries to record these transactions on Allied Company's books. Allied Company uses a periodic inventory system. ves Record purchase transactions-periodic system. Feb. 5 6 8 Allied purchased $12,000 of merchandise from NW Wholesale Company, terms 2/10, n/30, FOB shipping point The correct company paid freight costs of $110. Allied returned $1,000 of the merchandise purchased on February 5. Allied paid the balance due to NW Wholesale. 11

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