Journalize the following transactions for Bill Co. using the periodic inventory system.
Nov. 1 Bill Co. purchased $1,900 worth of merchandise from Littles on terms 2/10 n/30, FOB shipping point.
Nov. 5 Bill Co. paid $300 shipping charges. for the Nov 1 purchase.
Nov. 8 Bill Co. sold $4,900 of merchandise, costing $3,150 on account to Jill, terms 3/10,
n/30 FOB shipping point.
Nov. 12 Bill Co. pays $450 of shipping costs and in turn invoices Jill.
Correct Answer:
Verified
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