Journalize the Following Purchase Transactions for Main Street Office Supplies

question 34

Essay

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