Discuss the periodic inventory system

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Reference no: EM131518478

Question: Record the following transactions in general journal form on the books of the seller (Fuentes Company) and then on the books of the buyer (Lowe Company) using the periodic inventory system.

Fuentes Company:

a. Sold merchandise on account to Lowe Company, $1,500; terms 2/10, n/30.

b. Issued a credit memo to Lowe Company for damaged merchandise, $100.

c. Lowe Company paid the account in full within the discount period.

Lowe Company:

a. Purchased merchandise on account from Fuentes Company, $1,500; terms 2/10, n/30.

b. Received a credit memo from Fuentes Company for damaged merchandise, $100.

c. Paid Fuentes Company in full within the discount period.

Reference no: EM131518478

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