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Missing last entry John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased
Missing last entry
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3.050 was sold for $5.700 in cash. Required: Prepare the necessary journal entries to record thesee transactions. (If no entry is required for entry required" in the first account field.) transaction/event, select "No journal Answer is not complete. No Transaction General Journal Debit Credit 1a Purchases 5,500 Accounts payable 5,500 Freight-in 550 2 1b 550 Cash 02 850 3 Accounts payable Purchase returns 850 5,700 3a Cash Sales revenue 5,700 No Transaction Recorded 3bStep by Step Solution
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