198. Journalize the following transactions for Donnell Inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise.
Oct. 5 Purchased $30,000 of merchandise from Rex on account, terms 2/10, n/30.
Oct. 8 Returned merchandise purchased on account on Oct. 5 amounting to $500.
Oct. 15 Paid for purchase of Oct. 5, less Oct. 8 return and purchase discount.
199. The following data were extracted from the accounting records of Meridian Designs for the year ended March 31, 2012.
Merchandise Inventory, April 1, 2011$530,000
Merchandise Inventory, March 31, 2012325,000
Purchases230,000
Purchase Returns and Allowances25,000
Purchase Discounts10,000
Sales820,000
Sales Returns20,000
Freight In3,000
Prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2011, using the periodic method. Also determine gross profit.