ournal Entries-Periodic Inventory Paul Nasipak owns a business calied Diamond Distributors. The following transactions took place during January of the current year: Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,300. 8 Paid freight charge on merchandise purchased, $300. 12 Sold merchandise on account to Diamonds Unlimited, $4,500. 15 Received a credit memo from Prestigious Jewelers for merchandise returned, $700. 22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $900. Journalize the transactions in a generol journal using the periodic inventory method