EX 6-38 Journal entries using the periodic inventory system
The following selected transactions were completed by Burton Company during July of the current year. Burton Company uses the periodic inventory system.
| July 2. | Purchased $24,000 of merchandise on account, FOB shipping point, terms2/15, n/30. |
| 5. | Paid freight of $500 on the July 2 purchase. |
| 6. | Returned $4,000 of the merchandise purchased on July 2. |
| 13. | Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000. |
| 15. | Paid freight of $100 for the merchandise sold on July 13. |
| 17. | Paid for the purchase of July 2 less the return and discount. |
| 23. | Received payment on account for the sale of July 13 less the discount. |
Journalize the entries to record the transactions of Burton Company.
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