Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
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Accounting
Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:
Specialty Store purchased inventory on account for $6,200. Freight charges of $900 were paid in cash.
Specialty Store returned some of the inventory purchased in the transaction (1). The cost of the inventory was $1,200 and Specialty Stores account was credited by the supplier.
Inventory costing $3,400 was sold for $6,400 in cash.
Required: Prepare the necessary journal entries to record these transactions.
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