The Following Transactions Took Place During August of the Current

question 21

Essay

The following transactions took place during August of the current year for Roadhouse School Supplies.
August 6 Purchased merchandise on account from Abe's Papermill for $10,000.
August 8 Paid freight charges of $600 on merchandise purchased on the 6th.
August 12 Sold merchandise on account to Johnson Elementary for $2,500.
The cost of the merchandise was $500.
August 17 Received a credit memo from Abe's Papermill for merchandise returned, $1,000
August 21 Issued a credit memo to Johnson Elementary for merchandise returned, $400.
The cost of the merchandise is $150.
Journalize the above transactions using the periodic inventory system.

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