Using periodic inventory system

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Reference no: EM131571874

Prepare the journal entries to record the following transactions for the Walbright Company using a periodic inventory system. a. On June 2, Walbright purchased $350,000 of merchandise from the Ferway Company with terms, 3/15, n/30. b. On June 5, Walbright returned $50,000 of the merchandise purchased on June 2. c. On June 13, Walbright paid the balance due to Ferway. General Journal Ref. Description Debit Credit a b c d e f cash= the description options are: account payable, purchases, cash, purchase discounts, and purchase returns and allowances.

Reference no: EM131571874

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