Question 1 (10 marks) General Mills purchases and resells various products to consumers. Listed below are the transactions for the month of September, 2022. They have a beginning inventory balance of $ 5,900 at September 1. REQUIRED: Record the journal entries for the September transactions using the periodic inventory system. 01-Sep Purchased $4,550 of merchandise inventory; terms 1/15, N/30. 07-Sep Purchased for cash, $650 of merchandise inventory. 09-Sep Contacted a major supplier to place an order for $10,000 to be shipped on October 31. 14-Sep Paid for the merchandise purchased on September 1. 20-Sep Sold 25 units for $43 each on account; terms 2/5, N/30. The units cost $20 per unit.

General Mills purchases and resells various products to consumers. Listed below are the transactions for the month of September, 2022. They have a beginning inventory balance of $5,900 at September 1 . REQUIRED: Record the journal entries for the September transactions using the periodic inventory system