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Prepare the journal entry to record the transaction

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Reference no: EM132109021

Exercise - All questions are related to each other

1. On February 5th, Felton Industries purchased $10,450 in merchandise from Becker, Inc. with terms 2/10, net/30. Prepare the journal entry to record the transaction using the periodic inventory system and the gross price method.

2. On February 12th, Felton paid $175 freight charges to Blue Freight for merchandise purchased on Feb. 5th. Prepare the journal entry to record the transaction using the periodic inventory system and the gross price method.

3. On February 22nd, Felton returned $400 of damaged merchandise to Becker, Inc.. Prepare the journal entry to record the transaction using the periodic inventory system and the gross price method.

4. On February 28th, Felton paid Becker, Inc the amount due. Prepare the journal entry to record the transaction using the periodic inventory system and the gross price method.

Reference no: EM132109021

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