Journal Entries Using the Periodic Inventory System The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,000 of merchandise on account, FOB shipping point, terms 2/15, 1/30. 5 Paid freight of $400 on the January 2 purchase. 6 Returned $3,600 of the merchandise purchased on January 2. 13 Sold merchandise on account, $6,800, FOB destination, 1/10, 1/30. The cost of merchandise sold was $5,000. 15 Paid freight of $100 for the merchandise sold on January 13. 17 Paid for the purchase of January 2 less the return and discount 23 Received payment on account for the sale of January 13 less the discount Journalize the entries to record the transactions of Air Systems Company. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 2 0 Jan. 5 Jan. 6 o Jan. 13 Jan. 15 Journalize the entries to record the transactions of Air Systems Company. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 2 Jan. 5 Jan. 6 Jan. 13 Jan. 15 In 10 mo Jan. 17 > > Jan. 23 0