Joe owns an auto parts store called Joe's Auto Care.The following transactions took place during September of the current year.
September 9 Purchased merchandise on account from Wheeler Auto for $6,000.
September 10 Paid freight charges of $300 on merchandise purchased on the 9th.
September 13 Sold merchandise on account to Lancaster Auto Sales for $5,500.
The cost of the merchandise was $3,500.
September 15 Received a credit memo from Wheeler for merchandise returned,$900
September 25 Issued a credit memo to Lancaster Auto Sales for merchandise returned,$1,000.
The cost of the merchandise is $550.
Journalize the above transactions using the periodic inventory system.
Correct Answer:
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Q47: An entry to record the payment to
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Debit _ &
Q48: Indicate the account(s) to be debited and
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Debit _
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June 20
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