Serrano Company
On September 1,2013,Serrano Company purchased 70 units of Product A for $35,000 cash and also paid $1,500 transportation costs related to this purchase.On the same date,Serrano Company purchased 100 units of Product B for $10,000 on credit;however,the seller paid the $1,200 freight.The credit terms for Product B were 2/10,n/30.On September 3rd,Serrano Company determined that 5 units of Product A were defective,so they were returned to the seller.Serrano Company paid for its purchase of Product A on September 9th.On September 10th,Serrano Company purchased 90 units of Product C for $8,000 on credit with terms 1/10,n/30.The seller paid the freight.Serrano Company paid for its purchase of Product C on September 21st.
-Refer to the information presented for Serrano Company.Prepare all of Serrano Company's journal entries for September assuming the company uses a periodic inventory system.

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The Answer of Serrano Company
On September 1,2013,Serrano Company purchased 70 units of Product A for $35,000 cash and also paid $1,500 transportation costs related to this purchase.On the same date,Serrano Company purchased 100 units of Product B for $10,000 on credit;however,the seller paid the $1,200 freight.The credit terms for Product B were 2/10,n/30.On September 3rd,Serrano Company determined that 5 units of Product A were defective,so they were returned to the seller.Serrano Company paid for its purchase of Product A on September 9th.On September 10th,Serrano Company purchased 90 units of Product C for $8,000 on credit with terms 1/10,n/30.The seller paid the freight.Serrano Company paid for its purchase of Product C on September 21st.
-Refer to the information presented for Serrano Company.Prepare all of Serrano Company's journal entries for September assuming the company uses a periodic inventory system.

Serrano Company on September 1,2013,Serrano Company Purchased 70 Units of Product a Product