Paxson Supply Company Uses a Periodic Inventory System

question 76

Essay

Paxson Supply Company uses a periodic inventory system. During September, the following transactions and events occurred.
Sept. 3 Purchased 80 backpacks at $20 each from Barnes Company, terms 2/10, n/30.
Sept. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept. 3 that were defective.
Sept. 9 Sold 15 backpacks for $40 each to Starr Books, terms 2/10, n/30.
Sept. 13 Paid Barnes Company in full.
Instructions
Journalize the September transactions for Paxson Supply Company.

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Definitions:

Identification

The psychological process in which an individual assimilates an aspect, property, or attribute of another and is transformed, wholly or partially, by the model the other provides.

Automatically Processed

Information processed without conscious awareness, often quickly and efficiently.

Retracing Steps

A method of attempting to remember or find something by thinking or going back over the path or actions taken.

Identification

A psychological process whereby an individual assimilates an aspect, property, or attribute of another and is transformed, wholly or partially, by the model the other provides.