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 $18,200 of merchandise on account, FOB shipping point, terms 2/15, 1/30 5. Paid freight of $190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. 13. Sold merchandise on account, $37,300, FOB destination, 1/10,n/30. The cost of merchandise sold was $22,400 15. Paid freight of $215 for the merchandise sold on January 13. 17. Pald 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. Hournalize the entries to record the transactions of Air Systems Company. If an amount box does not require an entry, leave it blank. Jan. 2 Purchases 17.5.36 Accounts Payable 17,836 Jan. 5 Freight in 190 Cash Accounting numeric field Jan. 6 Accounts Payable 2.750 surans the enter to recome the transactions Ar Systems Company. 17 an amount Boxes not require an entry cave en Jan. 2 Purchases 17.8.16 Accounts Payable 17.836 Jan. 5 Freight In 190 Cash Jan. 6 Accounts Payable 2,750 Purchases Returns and Allowances Jan. 13 Accounts Receivable Sales 36,927 36,927 Jan. 15 Delivery Expense II II II 18 18 II III II 215 Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan. 23 Cash Accounts Receivable