Journalize the Following Purchase Transactions for Main Street Office Supplies

question 181

Essay

Journalize the following purchase transactions for Main Street Office Supplies using the periodic inventory system. Explanations are not required.
$$\begin{array} { | l | l | } \hline \text { May } 12 & \begin{array} { l } \text { Main Street buys } \$ 167,500 \text { worth of merchandise } \\\text { inventory on account with credit terms of } 2 / 10 , \mathrm { n } / 30 .\end{array} \\\hline & \text { Main Street returns } \$ 18,600 \text { of the merchandise to the } \\\text { May } 16 & \text { vendor due to damage during shipment. } \\\hline \text { May 21 } & \text { Main Street pays the amount due. } \\\hline\end{array}$$

---

Definitions:

Morals

Principles or beliefs concerning what is right and wrong behavior, guiding individual conduct and decision-making.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity.

Socializing Agents

Entities or individuals that play a significant role in the process of teaching norms, customs, and ideologies within a society.

Developmental Perspective

An approach focusing on how individuals change and grow throughout their lives both physically and psychologically.