Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred.
May 13 Purchased 8 motors at a cost of $45 each from Charlie Company, terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full. Round to nearest dollar.
Instructions
Journalize the May transactions for Scruffy Brothers. You may omit explanations.

Question

Quizplus · Accepted Answer

The Answer of Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred.
May 13 Purchased 8 motors at a cost of $45 each from Charlie Company, terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full. Round to nearest dollar.
Instructions
Journalize the May transactions for Scruffy Brothers. You may omit explanations.

Scruffy Brothers Supply Uses a Periodic Inventory System