Using the following accounts,

Using the following accounts, record journal entries using the periodic inventory system for the following sales transactions of Julian Sundries.

Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances
Accounts Payable Merchandise Inventory Sales
Cash Purchases Sales Returns and Allowances

PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with “$” and commas as needed (i.e. $12,345).

  • Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per table to Julian is $560.
    DR    
    CR    
  • On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian.
    DR    
    CR    
  • On 11/21, the customer paid their account in full from the November 7 sale.

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