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Consider the following transactions for Xavier Company:

  • August 13 Xavier Company purchased goods totaling $85,500 with credit terms 3/10, N/30, FOB Shipping Point.
  • August 16 Xavier Company paid freight bill of $1,100.
  • August 22 Xavier Company returned $15,400 worth of merchandise.
  • August 23 Xavier Company paid the bill.

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

Journal
DateDescriptionDebitCredit
August 13
August 13
August 16
August 16
August 22
August 22
August 23
August 23
August 23