(Solved): Journal Entries Using the Periodic Inventory System The following selected transactions were comple ...

Journal Entries Using the Periodic Inventory System The following selected transactions were completed by Alr Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2. Purchased \( \$ 18,200 \) of merchandise on account, FOB shipping point, terms \( 2 / 15, \mathrm{n} / 30 \). 5. Paid freight of \( \$ 190 \) on the lanuary 2 purchase. 6. Returned \( \$ 2,750 \) of the merchandise purchased on January 2 , 13. Sold merchandise on account, \( \$ 37,300,50 B \) destination, \( 1 / 10, n / 30 \). The cost of merchandise \( 501 d \) was \( \$ 22,400 \). 15. Paid freight of \( \$ 215 \) for the merchandise sold on January 13. 17. Pald for the purchase of January 2 less the return and discount, 23. Received payment on account for the sale of January 13 less the discount.