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nultiple performance obligations and sales transactions required. les transactions for Morris Supply. Explanations are not Supply sold merchandise inventory for $3,000. The cost of the nventory was $1,800. The customer paid cash. Morris Supply was running a promotion and the customer received a $150 award at the time of sale that can be used at a future date on any Morris Supply merchandise. Sold $6,000 of supplies on destination. Cost of goods is $3,600. 3 account. Credit terms are 2/10, n/45, FOB 10 Received payment from the customer on the amount due from March 3 less the discount. Apr. 15 The customer used the $150 award when purchasing merchandise inventory for $200, the cost of the inventory was $12 cash. 0. The customer paid E5B-29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. Sep. 4 4 10 17 20 Paid freight charges, $480. Returned $300 of inventory to Max. Paid Max Appliance Wholesale, less return and discount. Purchased inventory of $3,900 on account from MY Appliance, an appliance wholesaler. Terms were 1/10, n/45, FOB destination. Received a $400 allowance from MY Appliance for damaged but usable goods. 22 29 Paid MY Appliance, less allowance and discount

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