ACCOUNTING 8 Homework value 10.00 polints John's Speciality Store uses a periodic inventory system. The...
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Accounting
ACCOUNTING 8 Homework value 10.00 polints John's Speciality Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2016 John's purchased merchandise on account for $5,500 Freight charges of $550 were paid in cash 2 John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier 3. Merchandise costing $3,050 was sold for $5,700 in cash Required: Prepare the necessary jounal entries to record these transactions. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet Record the merchandise purchased an account for $5,500 Nohe: Enter debits before credits. DebltCredit 01 Record entry View general journal
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