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Journalize the following merchandising transaction...

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Journalize the following merchandising transactions for Chilton Systems. The company uses a periodic inventory system. (Round your answers to the nearest whole number. Omit the "$" sign in your response.) 1. On November 1, Chilton Systems purchases merchandise for $1,600 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 2. On November 5, Chilton Systems pays cash for the November 1 purchase. 3. On November 7, Chilton Systems discovers and returns $145 of defective merchandise purchased on November 1 for a cash refund. 4. On November 10, Chilton Systems pays $80 cash for transportation costs for the November 1 purchase. 5. On November 13, Chilton Systems sells merchandise for $1,728 on credit. The cost of the merchandise is $864. 6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $220 and cost $50. Date General Journal Debit Credit Nov. 1 Nov. 5 Nov. 7 Nov. 10 Nov. 13 Nov. 16,I need the answers formatted s shown in the attached jpg file. Thanks

 

Paper#9649 | Written in 18-Jul-2015

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