ACCOUNTING-Paul Nasipak owns a business called Diamond Distributors.

QUESTION

Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year.Jan. 5Purchased merchandise on account from Prestigious Jewelers, $3,200.8Paid freight charge on merchandise purchased, $330.12Sold merchandise on account to Diamonds Unlimited, $4,100.15Received a credit memo from Prestigious Jewelers for merchandise returned, $670.22Issued a credit memo to Diamonds Unlimited for merchandise returned, $850.Journalize the transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank.

ANSWER:

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