Journalize the Following Purchase Transactions for Rocky's Swimming Pool Supply

question 185

Essay

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

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