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The following are selected transactions for Leena Corp., a merchandising company, for the month of September Sep 1 Purchased $2,000 of merchandise on credit, terms

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The following are selected transactions for Leena Corp., a merchandising company, for the month of September Sep 1 Purchased $2,000 of merchandise on credit, terms 2/10, n/30 Sep 3 Returned $1,000 of the items purchased Sep 9 Sold merchandise on credit for $3,800, terms 2/15, 1/60. The cost of the merchandise was $1,800. Sep 11 Paid freight charges of $100 on the items purchased on Sep 1 Sep 11 Paid for the merchandise purchased on Sep 1 Sep 23 Collected full payment for the Sep 9 sale. 1. Prepare the journal entries using the periodic inventory system (problem 1b). Include explanations (ignore LP numbers). Date Accounts & Explanations LP Debit Credit

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