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 uses the periodic inventory system Jan 2 Purchased $17,000 of merchandise on account, FOB shipping point, terms 1 15, n 30 Jan 5 Paid freight of $250 on the January 2 purchase Jan 6 Returned $3,600 of the merchandise purchased on January 2 Jan 13 Sold merchandise on account, $8,800, FOB destination, 2 10, n 30 The cost of goods sold was $6,400 Jan 15 Paid freight of $200 for the merchandise sold on January 13 Jan 17 Paid for the purchase of January 2 less the return and discount Jan 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 If an amount box does not require an entry, leave it blank Jan 2 Purchases Accounts Payable Jan 5 Freight In Cash Jan 6 Accounts Payable Purchases Returns and Allowances Jan 13 Accounts Receivable Sales Jan 15 Delivery Expense Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan 23 Cash Accounts Receivable 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 uses the periodic inventory system Jan 2 Purchased $17,000 of merchandise on account, FOB shipping point, terms 1 15, n 30 Jan 5 Paid freight of $250 on the January 2 purchase Jan 6 Returned $3,600 of the merchandise purchased on January 2 Jan 13 Sold merchandise on account, $8,800, FOB destination, 2 10, n 30 The cost of goods sold was $6,400 Jan 15 Paid freight of $200 for the merchandise sold on January 13 Jan 17 Paid for the purchase of January 2 less the return and discount Jan 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 If an amount box does not require an entry, leave it blank Jan 2 Purchases Accounts Payable Jan 5 Freight In Cash Jan 6 Accounts Payable Purchases Returns and Allowances Jan 13 Accounts Receivable Sales Jan 15 Delivery Expense Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan 23 Cash Accounts Receivable 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 uses the periodic inventory system Jan 2 Purchased $17,000 of merchandise on account, FOB shipping point, terms 1 15, n 30 Jan 5 Paid freight of $250 on the January 2 purchase Jan 6 Returned $3,600 of the merchandise purchased on January 2 Jan 13 Sold merchandise on account, $8,800, FOB destination, 2 10, n 30 The cost of goods sold was $6,400 Jan 15 Paid freight of $200 for the merchandise sold on January 13 Jan 17 Paid for the purchase of January 2 less the return and discount Jan 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 If an amount box does not require an entry, leave it blank Jan 2 Purchases Accounts Payable Jan 5 Freight In Cash Jan 6 Accounts Payable Purchases Returns and Allowances Jan 13 Accounts Receivable Sales Jan 15 Delivery Expense Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan 23 Cash Accounts Receivable 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 uses the periodic inventory system Jan 2 Purchased $17,000 of merchandise on account, FOB shipping point, terms 1 15, n 30 Jan 5 Paid freight of $250 on the January 2 purchase Jan 6 Returned $3,600 of the merchandise purchased on January 2 Jan 13 Sold merchandise on account, $8,800, FOB destination, 2 10, n 30 The cost of goods sold was $6,400 Jan 15 Paid freight of $200 for the merchandise sold on January 13 Jan 17 Paid for the purchase of January 2 less the return and discount Jan 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 If an amount box does not require an entry, leave it blank Jan 2 Purchases Accounts Payable Jan 5 Freight In Cash Jan 6 Accounts Payable Purchases Returns and Allowances Jan 13 Accounts Receivable Sales Jan 15 Delivery Expense Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan 23 Cash Accounts Receivable 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 uses the periodic inventory system Jan 2 Purchased $17,000 of merchandise on account, FOB shipping point, terms 1 15, n 30 Jan 5 Paid freight of $250 on the January 2 purchase Jan 6 Returned $3,600 of the merchandise purchased on January 2 Jan 13 Sold merchandise on account, $8,800, FOB destination, 2 10, n 30 The cost of goods sold was $6,400 Jan 15 Paid freight of $200 for the merchandise sold on January 13 Jan 17 Paid for the purchase of January 2 less the return and discount Jan 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 If an amount box does not require an entry, leave it blank Jan 2 Purchases Accounts Payable Jan 5 Freight In Cash Jan 6 Accounts Payable Purchases Returns and Allowances Jan 13 Accounts Receivable Sales Jan 15 Delivery Expense Cash Jan 17 Accounts Payable Purchases Discounts Cash Jan 23 Cash Accounts Receivable

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 30, 2024

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

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 uses the periodic inventory system.

Jan. 2	Purchased $17,000 of merchandise on account, FOB shipping point, terms 1/15, n/30.
Jan. 5	Paid freight of $250 on the January 2 purchase.
Jan. 6	Returned $3,600 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $8,800, FOB destination, 2/10, n/30. The cost of goods sold was $6,400.
Jan. 15	Paid freight of $200 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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. If an amount box does not require an entry, leave it blank.

Jan. 2	Purchases
	Accounts Payable
Jan. 5	Freight In
	Cash
Jan. 6	Accounts Payable
	Purchases Returns and Allowances
Jan. 13	Accounts Receivable
	Sales
Jan. 15	Delivery Expense
	Cash
Jan. 17	Accounts Payable
	Purchases Discounts
	Cash
Jan. 23	Cash
	Accounts Receivable

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 uses the periodic inventory system.

Jan. 2	Purchased $17,000 of merchandise on account, FOB shipping point, terms 1/15, n/30.
Jan. 5	Paid freight of $250 on the January 2 purchase.
Jan. 6	Returned $3,600 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $8,800, FOB destination, 2/10, n/30. The cost of goods sold was $6,400.
Jan. 15	Paid freight of $200 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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. If an amount box does not require an entry, leave it blank.

Jan. 2	Purchases
	Accounts Payable
Jan. 5	Freight In
	Cash
Jan. 6	Accounts Payable
	Purchases Returns and Allowances
Jan. 13	Accounts Receivable
	Sales
Jan. 15	Delivery Expense
	Cash
Jan. 17	Accounts Payable
	Purchases Discounts
	Cash
Jan. 23	Cash
	Accounts Receivable

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 uses the periodic inventory system.

Jan. 2	Purchased $17,000 of merchandise on account, FOB shipping point, terms 1/15, n/30.
Jan. 5	Paid freight of $250 on the January 2 purchase.
Jan. 6	Returned $3,600 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $8,800, FOB destination, 2/10, n/30. The cost of goods sold was $6,400.
Jan. 15	Paid freight of $200 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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. If an amount box does not require an entry, leave it blank.

Jan. 2	Purchases
	Accounts Payable
Jan. 5	Freight In
	Cash
Jan. 6	Accounts Payable
	Purchases Returns and Allowances
Jan. 13	Accounts Receivable
	Sales
Jan. 15	Delivery Expense
	Cash
Jan. 17	Accounts Payable
	Purchases Discounts
	Cash
Jan. 23	Cash
	Accounts Receivable

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 uses the periodic inventory system.

Jan. 2	Purchased $17,000 of merchandise on account, FOB shipping point, terms 1/15, n/30.
Jan. 5	Paid freight of $250 on the January 2 purchase.
Jan. 6	Returned $3,600 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $8,800, FOB destination, 2/10, n/30. The cost of goods sold was $6,400.
Jan. 15	Paid freight of $200 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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. If an amount box does not require an entry, leave it blank.

Jan. 2	Purchases
	Accounts Payable
Jan. 5	Freight In
	Cash
Jan. 6	Accounts Payable
	Purchases Returns and Allowances
Jan. 13	Accounts Receivable
	Sales
Jan. 15	Delivery Expense
	Cash
Jan. 17	Accounts Payable
	Purchases Discounts
	Cash
Jan. 23	Cash
	Accounts Receivable

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 uses the periodic inventory system.

Jan. 2	Purchased $17,000 of merchandise on account, FOB shipping point, terms 1/15, n/30.
Jan. 5	Paid freight of $250 on the January 2 purchase.
Jan. 6	Returned $3,600 of the merchandise purchased on January 2.
Jan. 13	Sold merchandise on account, $8,800, FOB destination, 2/10, n/30. The cost of goods sold was $6,400.
Jan. 15	Paid freight of $200 for the merchandise sold on January 13.
Jan. 17	Paid for the purchase of January 2 less the return and discount.
Jan. 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. If an amount box does not require an entry, leave it blank.

Jan. 2	Purchases
	Accounts Payable
Jan. 5	Freight In
	Cash
Jan. 6	Accounts Payable
	Purchases Returns and Allowances
Jan. 13	Accounts Receivable
	Sales
Jan. 15	Delivery Expense
	Cash
Jan. 17	Accounts Payable
	Purchases Discounts
	Cash
Jan. 23	Cash
	Accounts Receivable