16) Journalize the following transactions using the periodic inventory method.
Dec. 1Purchased $4,900 worth of merchandise from Lolas on terms 2/10 n/30, FOB shipping point.
Dec. 5 Paid for $400 of shipping charges.
Dec. 9 Returned $900 worth of inventory to Lolas.
Dec. 10 Paid the invoice from Lolas.
17) Journalize the following transactions for Bill Co. using the perpetual inventory system.
June 8Bill Co. sold $6,900 of merchandise, costing $5,150 on account to Joan, terms
3/10, n/30 FOB Destination.
June 12 Bill Co. pays $500 of shipping costs.
18) Journalize the following transactions for Jane Co. assuming the periodic system.
May 7Jane Co. sold $6,900 of merchandise, costing $5,150 on account to Joan, terms
3/10, n/30 FOB Shipping
May 8 Jane Co. pre-pays $500 of shipping costs and charges Joan.
19) Journalize the following transactions for Bill Co. using the periodic inventory system.
Nov. 1Bill Co. purchased $1,900 worth of merchandise from Littles on terms 2/10 n/30, FOB shipping point.
Nov. 5Bill Co. paid $300 shipping charges. for the Nov 1 purchase.
Nov. 8Bill Co. sold $4,900 of merchandise, costing $3,150 on account to Jill, terms 3/10,
n/30 FOB shipping point.
Nov. 12Bill Co. pays $450 of shipping costs and in turn invoices Jill.