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Provide all required journal entries for the current year

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Dollarmart Inc. uses the periodic inventory system. The beginning inventory was $108,000 and that is the January 1 balance in the inventory account. The ending inventory was $120,000.

The following transactions occurred throughout the year:

A. January 18: Purchased $50,000 of merchandise for resale for cash.

B. March 20: Purchased $80,000 of merchandise for resale on account.

C. April 4: Returned $6,000 of the March 20 purchase.

D. August 22: Purchased $260,000 of merchandise for resale on account.

Required

Question 1: Using the periodic inventory system, provide all required journal entries for the current year including the December 31 year-end entry.

Reference no: EM132613657

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