Chet 3 Required information Problem 4-29A Comprehensive cycle problem: Periodic system (Appendix) LO 4-9 [The following information applies to the questions displayed below.) The following trial balance pertains to Benji's Grocery as of January 1 Year 2: Credit Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings Total Debit $15, 200 10,500 61,800 $ 4,200 63,000 20,300 $87,500 $87,500 The following events occurred in Year 2. Assume that Benj's uses the periodic inventory method. 1. Purchased land for $6,200 cash 2. Purchased merchandise on account for $27,000, terms 2/10 n/30. 3. Paid freight of $270 cash on merchandise purchased FOB shipping point. 4. Returned $2,800 of defective merchandise purchased in Event 2 5. Sold merchandise for $23,000 cash 6. Sold merchandise on account for $41,000, terms 120 n/30. The following trial balance pertains to Benji's Grocery as of January 1, Year 2: Credit Account Title Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings Total Debit $15,209 10,500 61,880 $ 4,200 63,000 20, 300 $87,500 $87,500 The following events occurred in Year 2. Assume that Benji's uses the periodic inventory method. 1. Purchased land for $6,200 cash. 2. Purchased merchandise on account for $27,000, terms 2/10 n/30, 3. Paid freight of $270 cash on merchandise purchased FOB shipping point. 4. Returned $2,800 of defective merchandise purchased in Event 2 5. Sold merchandise for $23,000 cash. 6. Sold merchandise on account for $41,000, terms 1/20 n/30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid $1,400 cash for selling expenses. 9. Collected $32,000 of the accounts receivable from Event 6 within the discount period. 10. Collected $6,000 of the accounts receivable but not within the discount period. 11. Paid $3,100 of other operating expenses. 12. A physical count indicated that $38,000 of inventory was on hand at the end of the accounting period. Journal entry worksheet