Menu QUESTION 2 Not complete Marked out of 104.00 Flag question Journal Entries for Merchandise Transactions-Periodic Systenm Polidor Company was established on July 1. Its sales terms are 2/10, n/30. Credit terms for k its purchases vary with the supplier. Selected transactions for the first month of operations are given below. Unless noted, all transactions are on account and involve merchandise held for resale. All purchases are recorded using the periodic inventory system. July 1 Purchased goods from Dawson, Inc., $2,500; terms 1/10, n/30. 2 Purchased goods from Penn Company, $5,100; terms 2/10, n/30 3 Paid freight on shipment from Dawson, $100. 5 Sold merchandise to Ward, Inc., $1,700 S Paid freight on shipment to Ward, Inc., $80.(Hint:debit Delivery Expense). Returned $300 worth of the goods purchased July 1 from Dawson, Inc, because some goods were damaged. Dawson approved the return. 9 Received returned merchandise from Ward, Inc. $200 10 Paid Dawson, Inc, the amount due. 10 Purchased goods from Dorn Company with a price of $1,900. Terms 2/10, n/30. 11 Paid freight on shipment from Dorn Company, $130. 15 Received the amount due from Ward, Inc. 15 Sold merchandise to Colby Corporation, $3,500. 16 Mailed a check to Penn Company for the amount due on its July 2 invoice. Received an allowance of $100 from Dorn Company for defective merchandise purchased on 18 July 10. 19 Pald Dorn Company the amount due. 25 Received the amount due from Colby Corporation, 0 3 5