The Picture Perfect Camera Shop had the following transactions for the month of August 2019....
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The Picture Perfect Camera Shop had the following transactions for the month of August 2019. Aug. 1 Purchased cameras for $3,500 plus a freight charge of $160 from the Mason Company, Invoice 532, dated July 29, net payable in 60 days. Purchased color film for $475 from Digital Products, Invoice 989, dated August 4, net payable in 30 days. 10 Purchased camera cases for $925 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30. 15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $540. The cameras were originally purchased on Invoice 532 of July 29. 20 Purchased cameras for $3,575 plus freight of $90 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10, n/60. 23 Received Credit Memorandum 597 for $60 from Raven Leathers. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 668 of August 8. Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of its inventory
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