Singh Distributing Company, which uses the periodic inventory system, engaged in the following… 1 answer below »
Singh Distributing Company, which uses the periodic inventory system, engaged in the following transactions during May of the current year: May 3 Purchased office supplies for cash, $22,000. 7 Purchased inventory on credit terms of 3/10, net eom, $160,000. 8 Returned 10 percent of the inventory purchased on May 7. It was not the inventory ordered. 10 Sold goods for cash, $36,400. 13 Sold inventory on credit terms of 2/15, n/45 for $60,300, less $8,800 quantity discount offered to customers who purchase in large quantities. 16 Paid the amount owed on account from the purchase of May 7. 17 Received wrong-sized inventory returned from May 13 sale, $3,200, which is the net amount after the quantity discount. 18 Purchased inventory of $76,000 on account. Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on May 18. 28 Received cash in full settlement of the account from the customer who purchased inventory on May 13. 29 Purchased inventory for cash, $26,000, less a quantity discount of $2,200, and paid freight charges of $600. Required Journalize the preceding transactions on the books of Singh Distributing Company.
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