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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.
Perseverates
The repetition of a particular response (such as a word, phrase, or gesture) despite the absence or cessation of a stimulus.
Piaget
Jean Piaget, a Swiss psychologist known for his pioneering theory of cognitive development in children.
Object Permanence
The understanding that objects continue to exist even when they cannot be observed.
Direct Perception
The theory that the environment provides all necessary cues for perception, which can be directly grasped without additional cognitive processes.
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