Journalize the Following Transactions for Bill Co

question 71

Essay

Journalize the following transactions for Bill Co. using the periodic inventory system.
Nov. 1 Bill Co. purchased $1,900 worth of merchandise from Littles on terms 2/10 n/30, FOB shipping point.
Nov. 5 Bill Co. paid $300 shipping charges. for the Nov 1 purchase.
Nov. 8 Bill Co. sold $4,900 of merchandise, costing $3,150 on account to Jill, terms 3/10,
n/30 FOB shipping point.
Nov. 12 Bill Co. pays $450 of shipping costs and in turn invoices Jill.

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Definitions:

Bacteriophages

Viruses that infect and replicate within bacteria, often used in research and potentially for therapies.

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Genetic Traits

Characteristics that are inherited from one's parents through the transmission of genes.

Bacterium

A member of a large group of unicellular microorganisms lacking a nucleus and other organelles, with some species causing disease.