Journal Entries for Merchandise TransactionsPeriodic System

The Malvado Corporation sells goods on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The periodic inventory system is used.

Aug.	1	Purchased merchandise from Norris, Inc., $1,700; terms 2/10, n/30.
	5	Paid freight on shipment from Norris, Inc., $80.
	7	Sold merchandise to Denton Corporation, $2,400.
	7	Paid freight on shipment to Denton Corporation, $120, and billed Denton for the charges.
	9	Returned $300 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
	9	Received $400 of returned merchandise from Denton Corporation.
	10	Paid Norris, Inc., the amount due.
	14	Purchased from Chambers, Inc., goods with a price of $3,000. Terms 1/10, n/30.
	15	Paid freight on shipment from Chambers, Inc., $140.
	17	Received the amount due from Denton Corporation.
	18	Sold merchandise to Weber, Inc., $4,800.
	20	Paid freight on August 18 shipment to Weber, Inc., $160 and billed Weber.
	24	Paid Chambers, Inc., the amount due.
	28	Received the amount due from Weber, Inc.

Required

Prepare the necessary journal entries for the Malvado Corporation.

GENERAL JOURNAL
Date	Description	Debit	Credit
Aug.	1	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Purchases from Norris, Inc., 2/10, n/30.
	5	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Paid freight on Norris, Inc., shipment.
	7	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Sales to Denton Corporation.
	7	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Paid freight on shipment to Denton Corporation and billed Denton.
	9	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Returned goods to Norris, Inc.
	9	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Issued credit memo to Denton for goods returned.
	10	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Cash	Answer	Answer
		Paid Norris, Inc., the amount due.
	14	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Purchases from Chambers, Inc., 1/10, n/30.
	15	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Paid freight on Chambers shipment.
	17	Cash	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Received amount due from Denton Corporation.
	18	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Sales to Weber, Inc.
	20	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Paid freight on shipment to Weber, Inc., and billed Weber.
	24	AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		Cash	Answer	Answer
		Paid Chambers, Inc., the amount due.
	28	Cash	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashFreight InPurchase DiscountsPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales RevenueSales DiscountInventory	Answer	Answer