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Johns Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: John's purchased merchandise on account for
Johns Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:
- John's purchased merchandise on account for $5,700. Freight charges of $650 were paid in cash.
- Johns returned some of the merchandise purchased in (1). The cost of the merchandise was $950 and Johns account was credited by the supplier.
- Merchandise costing $3,150 was sold for $5,900 in cash.
Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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