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Problem - Journal entries using periodic inventory system

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Problem - 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, terms 2/15, n/30.

July 5. Paid freight of $500 on the July 2 purchase.

July 6. Returned $4,000 of the merchandise purchased on July 2.

July 13. Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000.

July 15. Paid freight of $100 for the merchandise sold on July 13.

July 17. Paid for the purchase of July 2 less the return and discount.

July 23. Received payment on account for the sale of July 13 less the discount.

Required - Journalize the entries to record the transactions of Burton Company.

Reference no: EM132680344

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