The following selected transactions were complete 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.
5. Paid freight of $500 on the July 2 purchase.
6. Returned $4,000 of the merchandise purchases on July 2.
13. Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000.
15. Paid freight of $100 for the merchandise sold on July 13.
17. Paid for the purchases of July 2 less the return and discount.
23. Received payment on account for the sale of July 13 less the discount.
Journalize the entries to record the transactions of Burton Company.
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