Journal EntriesPeriodic Inventory

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year.

Jan. 5	Purchased merchandise on account from Prestigious Jewelers, $3,450.
8	Paid freight charge on merchandise purchased, $260.
12	Sold merchandise on account to Diamonds Unlimited, $4,450.
15	Received a credit memo from Prestigious Jewelers for merchandise returned, $740.
22	Issued a credit memo to Diamonds Unlimited for merchandise returned, $870.