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Both Nidiya (retailer) and Joy (wholesaler) use a periodic inventory system. Record journal entries for the following transactions Date Transactions between Nidiya and Joy 12/05/2022
Both Nidiya (retailer) and Joy (wholesaler) use a periodic inventory system. Record journal entries for the following transactions Date Transactions between Nidiya and Joy 12/05/2022 Joy made a credit sales of $22,000 to Nidiya. Terms were 3/10, n/30. 13/05/2022 Nidiya returned some goods to Joy, $2,000 18/05/2022 Nidiya paid Joy the net amount due. Joy (Wholesaler) 12/05/2022 Sales on account Journal Entries 0 13/05/2022 Sales Returns and Allowances Cash at Bank = 18/05/2022 Received Payment within D/C period Nidiya (Retailer) Journal Entries Date Accounts Debit Credit 12/05/2022 13/05/2022 Inventory purchased Purchase Returns and Allowances Cash at Bank 18/05/2022 Payment to supplier within D/C period
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