The following selected transactions were completed by Lorimer Company during August of the current year. Lorimer Company uses the periodic inventory system.
Aug. 3. Purchased $24,500 of merchandise on account, FOB shipping point, terms 2/10, n/30.
4. Paid transportation costs of $475 on the August 3 purchase.
7. Returned $4,000 of the merchandise purchased on August 3.
11. Sold merchandise on account, $12,700, FOB destination, 2/15, n/30. The cost of merchandise sold was $7,600.
12. Paid transportation costs of $300 for the merchandise sold on August 11.
13. Paid for the purchase of August 3 less the return and discount.
26. Received payment on account for the sale of August 11 less the discount.
Journalize the entries to record the transactions of Lorimer Company.
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