The following events pertain to the Harper Garden Supply Company for January 2013.
The company uses the periodic inventory system.
1) Jan. 4 Purchased $5,000 of merchandise on account, terms 1/10, n/30, FOB shipping point.
2) Jan. 5 Paid shipping cost of $550 on the Jan. 4 purchase.
3) Jan. 6 Returned $600 of the merchandise purchased on Jan. 4.
4) Jan. 7 Sold merchandise for $2,900 on account, terms 2/10, n/30, FOB Destination.
5) Jan. 7 Paid the shipping cost of $175 on the previous sale.
6) Jan. 10 Recorded the discount and paid the amount due from the purchase of merchandise on Jan. 4.
7) Jan. 28 Sold merchandise for $3,600 cash.
Required:
a) Record the above transactions in general journal form.
b) Harper's beginning inventory balance for January was $17,500. A physical count of inventory on January 31 revealed $16,800 of merchandise on hand. Calculate Harper's cost of goods available for sale and cost of goods sold for January.

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The Answer of The following events pertain to the Harper Garden Supply Company for January 2013.
The company uses the periodic inventory system.
1) Jan. 4 Purchased $5,000 of merchandise on account, terms 1/10, n/30, FOB shipping point.
2) Jan. 5 Paid shipping cost of $550 on the Jan. 4 purchase.
3) Jan. 6 Returned $600 of the merchandise purchased on Jan. 4.
4) Jan. 7 Sold merchandise for $2,900 on account, terms 2/10, n/30, FOB Destination.
5) Jan. 7 Paid the shipping cost of $175 on the previous sale.
6) Jan. 10 Recorded the discount and paid the amount due from the purchase of merchandise on Jan. 4.
7) Jan. 28 Sold merchandise for $3,600 cash.
Required:
a) Record the above transactions in general journal form.
b) Harper's beginning inventory balance for January was $17,500. A physical count of inventory on January 31 revealed $16,800 of merchandise on hand. Calculate Harper's cost of goods available for sale and cost of goods sold for January.

The Following Events Pertain to the Harper Garden Supply Company