Calculator Instructions General Journal Instructions Journal Entries-Periodic Inventory 1. Journalize the transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank k 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, $3,220. 8 Paid freight charge on merchandise purchased, $390. 12 Sold merchandise on account to Diamonds Unlimited, $4,620 15 Received a credit memo from Prestigious Jewelers for merchandise returned 22 Issued a credit memo to Diamonds Unlimited for merchandise returned, s92