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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Definitions:

Essential Fatty Acids

These are fatty acids that the body cannot produce on its own and must be obtained through diet; crucial for various bodily functions, including cell membrane integrity and inflammatory response regulation.

Exchange Designation

A label or classification given to a security or financial instrument based on its trading venue or platform.

Diabetes

A chronic condition characterized by high blood sugar levels resulting from the body's inability to produce or use insulin effectively.

Food

Nutrient-rich substances consumed by organisms for energy, growth, and maintenance of life functions.