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Joe Owns an Auto Parts Store Called Joe's Auto Care November 7\text {November 7}

Question 28

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Joe owns an auto parts store called Joe's Auto Care.The following transactions took place during November of the current year.
November 7\text {November 7} \quad  Purchased merchandise on account from Wheeler Auto for $4,300.\text { Purchased merchandise on account from Wheeler Auto for \(\$ 4,300\).}
November 9\text {November 9} \quad Paid freight charges of $230 on merchandise purchased on the 7 th.\text {Paid freight charges of \(\$ 230\) on merchandise purchased on the 7 th.}
November 11\text {November 11} \quad  Sold merchandise on account to Lancaster Auto Sales for $3,500. The cost of the merchandise was $2,500.\text { Sold merchandise on account to Lancaster Auto Sales for \(\$ 3,500\). The cost of the merchandise was \(\$ 2,500\).}
November 13\text {November 13} \quad Received a credit memo from Wheeler for merchandise returned, $670.\text {Received a credit memo from Wheeler for merchandise returned, \(\$ 670\).}
November 20\text {November 20} \quad  Issued a credit memo to Lancaster Auto Sales for merchandise returned, $820. The cost of the merchandise is $550.\text { Issued a credit memo to Lancaster Auto Sales for merchandise returned, \(\$ 820\). The cost of the merchandise is \(\$ 550\).} Journalize the above transactions using the periodic inventory system.

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