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Consider the following transactions for Xavier Company:

  • October 15 Xavier Company purchased goods totaling $85,900 with credit terms 3/10, N/30, FOB Shipping Point.
  • October 16 Xavier Company paid freight bill of $1,500.
  • October 20 Xavier Company returned $15,900 worth of merchandise.
  • October 25 Xavier Company paid the bill.

Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system.

Journal
DateDescriptionDebitCredit
October 15
October 15
October 16
October 16
October 20
October 20
October 25
October 25
October 25