Page 58 - Demo

CH(2): Journal entries %u2013Periodic Inventory system55Exercise(2-6):Prepare journal entries to record the following merchandising transactions of NadaCompany, which applies a periodicinventory system. Nada Company offers all of its creditsales to customers credit terms of 1/15, n/60. Sept. 1: Purchased merchandise from Ranah Company for BD39,000 under credit term 2/10, n/20.Sept. 2: Sold merchandise to WafaEst, on credit for BD21,000.Sept. 5: Received an BD 2,000 credit memorandum from RanahCompany for the return merchandise purchased on Sept,1.Sept. 6: Paid full due to Ranah Company.Sept. 13: Received the amount due from Wafa Est.Sept. 15: Sold merchandise to customer Sakina Est,on credit for BD12,600.Sept. 16: Issued a credit memorandum BD1,600 to customer Sakina Est,for return merchandise sold on Sept,15.Sept. 23: Received the balance due from customer Sakina Est,within the customerperiod.Exercise(2-7):Hamad operates sales cleaning material shop, on January1 2020. The following transactions were completed during Jan 2020.Jan,1: Purchased merchandisefor BD9,700 on account from HanaCompany.2: Received credit memorandum from HanaCompany for merchandise Returned BD700.