Reference no: EM132770930
Problem - The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system.
Jan. 2. Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30.
Jan. 5. Paid freight of $190 on the January 2 purchase.
Jan. 6. Returned $2,750 of the merchandise purchased on January 2.
Jan. 13. Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of goods sold was $22,400.
Jan. 15. Paid freight of $215 for the merchandise sold on January 13.
Jan. 17. Paid for the purchase of January 2 less the return and discount.
Jan. 23. Received payment on account for the sale of January 13 less the discount.
Required - Journalize the entries to record the transactions of Air Systems Company.