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Prepare the journal entries to record the transactions

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Question - Grill Master Ltd. is a public corporation using a periodic inventory system. During the month of June the following transactions occurred:

June 3 - Purchased 25 barbeques at a cost of $440 each from BBQ King Ltd., terms n/30.

June 5 - Paid $200 freight for the barbeques purchased on June 3.

June 6 - Sold 12 barbeques to Outdoor Grill for $760 each (cost $440), term n/30. The estimated return was 5%.

June 13 - Issued a credit to Outdoor Grill for the return of one defective barbeque.

June 19 - Purchased 10 barbeques from Backyard Barbecues at a cost of $450 each, terms 2/10, n/30.

June 20 - Paid freight of $200 on the June 19 purchase.

Required - Prepare the journal entries to record the above transactions.

Reference no: EM133109719

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