Using the data shown in Exercise 5 38 journalize the

entries
Using the data shown in Exercise 5-38, journalize the entries for the transactions, assuming that
Air Systems Company uses the perpetual inventory system.In Exercise 5-38, The following
selected transactions were completed by Air Systems Company during January of the current
year. Air Systems Company uses the periodic inventory system.Jan. 2. Purchased $18,200 of
merchandise on account, FOB shipping point, terms 2/15, n/30.5. Paid freight of $190 on the
January 2 purchase.6. Returned $2,750 of the merchandise purchased on January 2.13. Sold
merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold
was $22,400.15. Paid freight of $215 for the merchandise sold on January 13.17. Paid for the
purchase of January 2 less the return and discount.23. Received payment on account for the
sale of January 13 less the discount.Journalize the entries to record the transactions of Air
Systems Company.View Solution:
Using the data shown in Exercise 5 38 journalize the entries
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exercise-5-38-journalize-the-entries/

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