Journalize the Following Purchase Transactions for ABC Swimming Pool Supply

question 151

Essay

Journalize the following purchase transactions for ABC Swimming Pool Supply Company using the periodic inventory system.Explanations are not required.
$$\begin{array} { | l | l | } \hline \text { May 2 } & \begin{array} { l } \text { Purchased } \$ 5,280 \text { of merchandise inventory on account under } \\\text { terms } 3 / 10 , \mathrm { n } / 30 \text { and FOB shipping point. }\end{array} \\\hline \text { May 6 } & \text { Returned } \$ 675 \text { of defective merchandise purchased on May 2. } \\\hline \text { May 8 } & \text { Paid freight bill of } \$ 120 \text { on May } 2 \text { purchase. } \\\hline \text { May 12 } & \text { Paid amount owed on credit purchase on May } 2 . \\\hline\end{array}$$