Thread: Savannah Baie Mod Introduction to Entreprene v2.cengagenow.comfilrn/take

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Thread: Savannah Baie Mod Introduction to Entreprene v2.cengagenow.comfilrn/takeAssignment/takeAssignmentMain.do?inprogress true | Instructions General Journal Instructions Journal Entries-Periodic Inventory 1. Journalize the transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it ank Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,220 8 Paid freight charge on merchandise purchased, $280 12 Sold merchandise on account to Diamonds Unlimited, $4,580. 15 Received a credit memo from Prestigious Jewelers for merchandise returned, $730 22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $930

Explanation / Answer

Journal entry :

No Date Accounts & explanation debit credit 1 Jan 5 Purchase 3220 Account payable 3220 2 Jan 8 Freight in 280 Cash 280 3 Jan 12 Account receivable 4580 Sale revenue 4580 4 Jan 15 Account payable 730 Purchase return and allowance 730 5 Jan 22 Sales return and allowance 930 Account receivable 930

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