Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 3 weeks ago

Journalize the following purchase transactions for Main Street Office Supplies ?

Journalize the following purchase transactions for Main Street Office Supplies using the periodic inventory system and then using the same information, journalize the purchase transactions using the perpetual inventory system. Explanations are not required.

 

May 12

Main Street buys $167,500 worth of merchandise inventory on account with credit terms of 2/10, n/30.

May 16

Main Street returns $18,600 of the merchandise to the vendor due to damage during shipment.

May 21

Main Street pays the amount due.

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