Journalize the Following Transactions Using the Periodic Inventory Method

question 114

Essay

Journalize the following transactions using the periodic inventory method.
Dec. 1 Purchased $4,900 worth of merchandise from Lolas on terms 2/10 n/30, FOB shipping point.
Dec. 5 Paid for $400 of shipping charges.
Dec. 9 Returned $900 worth of inventory to Lolas.
Dec. 10 Paid the invoice from Lolas.

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Definitions:

O*NET

An online database tool sponsored by the U.S. Department of Labor, providing detailed descriptions of the world of work for use by job seekers, workforce development, and HR professionals.

Dominance

The state or condition of having power, authority, or influence over others.

Emotional Regulation

The process by which individuals influence their emotions, how they experience them, and how they express them, often vital for social functioning and mental well-being.

Rough-And-Tumble Play

Play that seems to be rough, as in play wrestling or chasing, but in which there is no intent to harm.