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  3. bill blumberg owns an auto parts business called b

Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took...

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Accounting

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Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 8 12 15 Purchased merchandise on account from Wheeler Warehouse, $4,300. Paid freight charge on merchandise purchased, $230. Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. Received a credit memo from Wheeler Warehouse for merchandise, $670. Issued a credit memo to Big Time Spoiler for merchandise returned, 5820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blan Page: 1 DATE DESCRIPTION POST. DEBIT REF. CREDIT 7 Jul. 15 9 Jul. 22

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