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The Picture Perfect Camera Shop had the following transactions for the month of August 2016. Aug. Purchased cameras for $4,100 plus a freight charge of
The Picture Perfect Camera Shop had the following transactions for the month of August 2016. Aug. Purchased cameras for $4,100 plus a freight charge of $220 from the Mason Company, Invoice 532, dated July 29, net payable in 60 days. Purchased color film for $505 plus from Digital Products, Invoice 989, dated August 4, net payable in 30 days. Purchased camera cases for $955 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30. Returned defective cameras to Mason Company and received Credit Memorandum 205 for $600. The cameras were originally purchased on Invoice 532 of July 29. Purchased cameras for $3,725 plus freight of $120 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10, n/60. Received Credit Memorandum 597 for $90 from Raven Leathers. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 668 of August 8. Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of its inventory
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