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  3. write 5 journal entries to: 1. record merchandise

Write 5 journal entries to: 1. Record merchandise purchased on account for $6,600 2. Record...

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Accounting

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Write 5 journal entries to:

1. Record merchandise purchased on account for $6,600

2. Record the payment of freight changes for $1,100

3. Record the return of merchandise purchased on account costing $1,400

4. Record the sale of merchandise for $6,800 in cash

5. Record the cost of goods sold for $3,600

John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,600. Freight charges of $1,100 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,400 and John's account was credited by the supplier. 3. Merchandise costing $3,600 was sold for $6,800 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the merchandise purchased on account for $6,600. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal

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