Transcribed Image Text: The Picture Perfect Camera Shop had the following transactions for the month of August 20X1.
Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payable
in 60 days.
6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days.
10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30.
15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $53e. The cameras were originally
purchased on Invoice 532 of July 29.
20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10,
n/60.
23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usable
goods purchased on Invoice 668 of August 8.
Prepare journal entries to record the above transactions assuming the company uses the periodic inventory system to keep track of its
inventory.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
