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Journal entries for cedeno using periodic inventory system

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Reference no: EM131748841

Question: The following information relates to Cedeno Co.

April 5 Purchased merchandise from Fogel for $30,000, terms 2/10,net 30, FOB shipping point.

April 6 Paid freight costs of $800 on merchandise purchased from Fogel.

April 7 purchased equipment on account for $37,000

April 8 returned some of April 5 merchandise to Fogel which cost $3,000

April 15 paid the amount due to Fogel .

a. Prepare journal entries for Cedeno using the periodic inventory system

b. Assume that Cedeno paid the balance due on May 4 instead of April 15. Prepare the journal entry.

Reference no: EM131748841

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