Reference no: EM131787064

Question - Journalize the following merchandising transactions for Chilton Systems. The company uses a periodic inventory system. (Round your answers to the nearest whole number. Omit the "$" sign in your response.)

1. On November 1, Chilton Systems purchases merchandise for $1,600 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.

2. On November 5, Chilton Systems pays cash for the November 1 purchase.

3. On November 7, Chilton Systems discovers and returns $145 of defective merchandise purchased on November 1 for a cash refund.

4. On November 10, Chilton Systems pays $80 cash for transportation costs for the November 1 purchase.

5. On November 13, Chilton Systems sells merchandise for $1,728 on credit. The cost of the merchandise is $864.

6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $220 and cost $50.