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.
$$\begin{array} { | l | l | } \hline &\text { Main Street buys } \$ 167,500 \text { worth of merchandise } \\\text { May 12 } & \begin{array} { l } \text { inventory on account with credit terms of } 2 / 10 , \\n / 30 .\end{array} \\\hline \text { May 16 } & \begin{array} { l } \text { Main Street returns } \$ 18,600 \text { of the merchandise to } \\\text { the vendor due to damage during shipment. }\end{array} \\\hline \text { May 21 } & \text { Main Street pays the amount due. } \\\hline\end{array}$$

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Definitions:

Criminal Commitment

A legal process by which individuals are detained in a mental health institution after being found guilty of a crime, due to mental illness.

Psychiatric Institution

A facility specialized in providing treatment and care for individuals with mental health disorders or illnesses.

Judicial System

The system of courts and tribunals established by a government for the administration of justice in a country.

Mental Institution

A hospital or specific facility dedicated to the care and treatment of individuals with mental disorders.