Q1 Chapter 5

E5B-31 (similar to) Ques Journalize the following transactions for Moto Bicycles using the periodic inventory system. Explanations are not required. (Record debits first, then credits. Exclude explanations from joumal entries. Assume the company uses the net amount to record sales.) (Click the icon to view the transactions.) Nov. 2: Purchased $3,500 of merchandise inventory on account under terms 1/10, NEOM and FOB shipping point. Date Accounts Debit Credit i More Info Nov. 2 Now 2 Purchased $3,500 of merchandise inventory an account under lerns 1:10. nEOM and FOB shipping point. 6 Retured $300 of defective merchandise purchased on November 2. 8 Paid freight bill of $170 on November 2 purchase. 10 Sold merchandise inventory on account for $6,500. Payment terme were 1/15, n/45 11 Paid amount owed on credit purchase of November 2, less the return and the discount. 22 Received cash frorn November customer in full setllement of their debt, less the discount Print Done