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  3. record the following purchases and sales transacti

Record the following purchases and sales transactions for Manioc Corp. using the general journal form...

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Question

Accounting

Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided below. Assume Manioc uses a periodic inventory system. Omit transaction descriptions from entries.

Date Transaction
Apr. 1 Purchased merchandise on account, list price $22,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise on account, $8,500.
6 Purchased merchandise on account, $18,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $140 added to the invoice.
8 Sold merchandise on VISA, $14,500.
8 Returned damaged merchandise, $800, purchased on April 6.
9 Paid for the merchandise purchased on April 1, less discount.
12 Received cash on account from the April 4 sale.
13 Paid for merchandise purchased on April 6, less return and discount.

Required:

Journalize the transactions related to the purchases and sales transactions for Manioc Corp. Refer to the Chart of Accounts for exact wording of account titles.

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