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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Definitions:

Assets Owned

Refers to the resources that are owned by a company or individual which have economic value and can be used or sold to meet debts or obligations.

Marketing Managers

Professionals responsible for promoting and selling products or services, including market research and advertising.

Accounting Information

Data related to financial transactions and status of a business, organization, or individual, which is used for planning, reporting, decision-making, and managing financial performance.