Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not provide any journal explanations. If no entry is necessary, write “no entry.” Floopy uses the net method for recording inventory transactions.
>> On January 5, 2015, purchased $17,000 of garden tillers on account from Flip, terms 2/10, n/30, FOB destination. Freight charges were $200. >> On January 10, 2015, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, 2015, paid for tillers purchased from Flip.
>> On January 28, 2015, purchased $30,000 of lawn mowers from Flam, terms 3/10, n/30, FOB shipping point. The freight charges were $820.
>> On February 6, 2015, paid for the lawn mowers purchased on January 28, 2015, from Flam.
| Date | Description | Debit $ | Credit $ |
| January 5, 2015 | garden tillers | 15,000 | |
| fright Charges payabl | 200 | ||
| To Accounts Payable (17000-2000) | 15,000 | ||
| To CAsh | 200 | ||
| January 24, 2015 | Accounts Payable | 15000 | |
| Cash | 15000 | ||
| January 28, 2015 | lawn mowers | 30,0000 | |
| Freight Charges | 820 | ||
| To Accounts payable | 30820 | ||
| February 6, 2015, | Accounts payable | 30820 | |
| To Cash | 30820 | ||
