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Question 1: (Total 10 marks) (a)Morton Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. (4 marks) Sept. 3Purchased

Question 1: (Total 10 marks)

(a)Morton Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. (4 marks)

Sept. 3Purchased 80 backpacks at $20 each from Cole Company, terms 2/10, n/30.

Sept. 6Received credit of $100 for the return of 5 backpacks purchased on Sept. 3 that were defective.

Sept. 9Sold 15 backpacks for $40 each to Starr Books, terms 2/10, n/30.

Sept. 13Paid Cole Company in full.

Instructions:

Journalize the September transactions for Morton Supply Company.

Answer:

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