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Consider the following transactions for RC Photo:

  • October 3 RC Photo Shop sold $45,800 of camera equipment on account, credit terms 3/15, n/EOM.
  • October 6 RC Photo Shop received a sales returns totaling $1,200 for damaged goods from the customer.
  • October 16 RC Photo Shop receives payment from the customer on the amount due, less the return and discount.

Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system.

Journal
DateDescriptionDebitCredit
October 3
October 3
October 6
October 6
October 16
October 16
October 16

 


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