Magnesium Inc. uses a periodic inventory system. During April, the following transactions occurred:Apr 3 Purchased $2,000 of merchandise, terms 3/10, n/60.6 Returned $300 of the merchandise purchased on April 3.7 Paid freight charges of $150 on goods purchased on April 3.12 Paid for the goods purchased on April 3.13 Sold goods on credit for $1,000, terms 2/10, n/45.14 The customer of April 13 returned $300 of the goods.23 Received payment from the customer of April 13.InstructionsPrepare journal entries to record the above transactions.

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The Answer of Magnesium Inc. uses a periodic inventory system. During April, the following transactions occurred:Apr 3 Purchased $2,000 of merchandise, terms 3/10, n/60.6 Returned $300 of the merchandise purchased on April 3.7 Paid freight charges of $150 on goods purchased on April 3.12 Paid for the goods purchased on April 3.13 Sold goods on credit for $1,000, terms 2/10, n/45.14 The customer of April 13 returned $300 of the goods.23 Received payment from the customer of April 13.InstructionsPrepare journal entries to record the above transactions.