This exercise reviews the journal entries to record purchases of merchandise inventory under a periodic inventory system.
A list of transactions for the Randy Travis Sales Company appears below. A periodic inventory system is used.
| July 1 | Purchased merchandise from Oliver Company for $3,000 cash. |
| 2 | Purchased merchandise from Medlin Company, $5,000, FOB shipping point, terms 2/10, n/30. |
| 6 | Paid freight on July 2 purchase, $125. |
| 10 | Paid Medlin Company the amount owed. |
| 11 | Purchased merchandise from McBride Company, $7,000, FOB destination, terms 1/10, n/30. |
| 23 | Paid McBride Company the amount owed. |
| Aug. 7 | Purchased merchandise from Dun Company, $4,000, FOB destination, terms 2/10, n/30. |
| 9 | Returned one-fourth of the merchandise acquired in the August 7 transaction to Dun Company because of detected defects. |
| 16 | Paid Dun Company the balance owed. |
Instructions
Prepare the journal entries to record these transactions on the books of the Randy Travis Sales Company.
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