Chapter 5 Lab Question 5 of 7 View Policies Show Attempt History Current Attempt in Progress The following transactions occurred in April and May. Both companies use a periodic inventory system. Apr. 5 6 8 May 4 14/20 Gili Sandhill Company purchased merchandise from Wildhorse Company for $11,500, terms 2/10, n/30, FOB shipping point. Wildhorse had paid $7,900 for the merchandise. The correct company paid freight costs of $450. Sandhill Company returned damaged merchandise to Wildhorse Company and was given a purchase allowance of $1,800. Wildhorse determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost Wildhorse $1,237. Sandhill paid the amount due to Wildhorse Company in full.

prepare the journal entries to record these transactions on the books of wildhorse company using perodic inventory system instead of a perpetual system.

The following tramactions occurred in April and Muy Bothcompanies wse a periodic incentary ivstem. 6 The correct comparin pid treidht costs of \$4sa 8 Sandhill Comparw returned damaged merchandise to Wilhorse Company and was civen a purchase allowance of $1,800. Wilthorse determined the merchandse could not be repaired and sent it to the recyclers. The merchandise had cont Wildhorve $1,237. Moy 4 Sandhill paid the amount due to Wildhorse Compary in full