Journalizing periodic transactions
Assume that the following transactions occurred between Brighton Medical Supply and a Best drug store during April of the current year.
|
Apr 6 |
Best purchased $5,800 of merchandise from Brighton Medical Supply on credit terms of 2/10, n/30, FOB shipping point. Separately, Best paid freight in of $150. |
|
10 |
Best returned $900 of the merchandise to Brighton. |
|
15 |
Best paid $2,900 of the invoice amount owed to Brighton for the April 6 purchase, less the discount. |
|
27 |
Best paid the remaining amount owed to Brighton for the April 6 purchase. |
Requirement
1. Journalize these transactions, first on the books of the Best drug store and second on the books of Brighton Medical Supply. Use the periodic inventory system.