Reference no: EM132955293

Question - Gardner Company engaged in the following transactions in June, the company's first month of operations:

June 1 Stockholders invested $ 384,000 cash and $ 144,000 of merchandise inventory in the business in exchange for capital stock.

June 3 Merchandise was purchased on account, $ 192,000; terms 2/10, n/30, FOB shipping point.

June 4 Paid height on the June 3 purchase, $ 5,280.

June 7 Merchandise was purchased on account, $ 96,000; terms 2/10, n/30, FOB destination.

June 10 Sold merchandise on account, $ 230,400; terms 2/10, n/30, FOB shipping point.

June 11 Returned $ 28,800 of the merchandise purchased on June 3.

June 12 Paid the amount due on the purchase of June 3.

June 13 Sold merchandise on account, $ 240,000; terms 2/10, n/30, FOB destination.

June 14 Paid height on sale of June 13, $ 14,400.

June 20 Paid the amount due on the purchase of June 7.

June 21 $48,000 of the goods sold on June 13 were returned for credit.

June 22 Received the amount due on sale of June 13.

June 25 Received the amount due on sale of June 10.

June 29 Paid rent for the administration building for June, $ 19,200.

June 30 Paid sales salaries of $ 57,600 for June.

June 30 Purchased merchandise on account, $ 48,000; terms 2/10, n/30, FOB destination.

Required - Prepare journal entries for the transactions using the perpetual and periodic inventory methods?