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Need help answering this accounting homework. Appendix EX 6-34 Journal entries using the periodic inventory system The following selected transactions were completed by Air Systems
Need help answering this accounting homework.
Appendix EX 6-34 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, n/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. Paid 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. Journalize the entries to record the transactions of Air Systems CompanyStep by Step Solution
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