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Journalize entries using the periodic inventory system
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic system.
Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point terms 2/15, n/30.
5. paid freight of $190 on the Jan. 2 purchase.
6. Returned $2,750 of the merchandise purchased on Jan. 2
13. Sold merchandise on account $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400.
15. Paid freight of $215 for the merchandise sold on Jan. 13
17. Paid for the purchase of January 2 less the return and discount.
23. Received payment on account for the sale of Jan. 13 less the discount.
Journalize the entries to record the transactions of Air Systems Company.
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