Discount supermarket entered in to the following selected transactions during August of the current year. August 1 purchased merchandise on account, terms 2/10, n/30, FOB shipping point, Br. 28,500. 1, paid rent for August, Br. 4,500 2, Paid transportation charges on purchase of August 1,Br. 1,180. 5, Purchases office supplies for cash Br. 600Discount supermarket entered in to the following selected transactions during August of the current year.

August 1 purchased merchandise on account, terms 2/10, n/30, FOB shipping point, Br. 28,500.

1, paid rent for August, Br. 4,500

2, Paid transportation charges on purchase of August 1,Br. 1,180.

5, Purchases office supplies for cash Br. 600

7, Sold merchandise on account, terms 1/10, n/30, FOB destination, Br. 12,400

8, Paid transportation charges on August 7, Br. 550

11, Paid for merchandise purchased on August 1, less discount

12, Received merchandise returned from sales of August 7, Br. 3,200.

14, Purchased merchandise n account, terms 4/14, n/30, FOB shipping point Br.18,300 with prepaid transportation costs of Br.750 added to the invoice.

16, returned merchandise purchased on augest14, Br. 5,200.

17, Received cash on account from sale of August 7, less returns and discount.

18, Sold merchandise on account, terms, 1/10, n/20 FOB shipping point Br.8,800. prepaid transportation costs as an accommodation for the customer Br. 250.

26, Sold merchandise on bank credit card, Br. 3,700

29, Paid for merchandise purchased on august 14, less returns and discount.

31, Received cash on account from sale of August 18, Br. 9,050.

Instructions

1. Record the above transactions using general journal
2. The merchandise inventory on hand at September 1, 2016, the beginning of the current fiscal year, was Br. 250, 000, the physical count taken on august 1, 2016 , determined that merchandise on hand was Br, 274,600. Prepare the adjusting entries for merchandise inventory for the current fiscal year ended August 31, 2017.