Purchases—Periodic System For each of the following transactions of Wolverine Corporation,…

Purchases—Periodic System For each of the following transactions of Wolverine Corporation,…

Purchases—Periodic System

For each of the following transactions of Wolverine Corporation, prepare the appropriate journal entry. The company uses the periodic system.

March 3: Purchased merchandise from Spartan Corp. for $2,500 with terms of 2/10, net/30.

Shipping costs of $250 were paid to Neverlate Transit Company.

March 7: Purchased merchandise from Boilermaker Company for $1,400 with terms of net/30.

March 12: Paid amount owed to Spartan Corp.

March 15: Received a credit of $500 on defective merchandise purchased from Boilermaker Company. The merchandise was kept.

March 18: Purchased merchandise from Gopher Corp. for $1,600 with terms of 2/10, net 30.

March 22: Received a credit of $400 from Gopher Corp. for spoiled merchandise returned to Gopher. This is the amount of credit exclusive of any discount.

April 6: Paid amount owed to Boilermaker Company.

April 18: Paid amount owed to Gopher Corp.

 

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